Question

Define marginal rate of substitution.

Answer 1

Explanation:

Description

In economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels (assuming no externalities), marginal rates of substitution are identical.

Answer 2

Answer:

It refers to ratio of sacrificing some units of one commodity to gain one additional unit of another commodity.

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