Question

What do u mean by diminishing MRS

Answer 1

law of diminishing marginal rates of substitution

• Usually, marginal substitution is diminishing, meaning a consumer chooses the substitute in place of another good rather than simultaneously consuming more. The law of diminishing marginal rates of substitution states that MRS decreases as one moves down a standard convex-shaped curve, which is the indifference curve.

Answer 2

Answer:

• Usually, marginal substitution is diminishing, meaning a consumer chooses the substitute in place of another good rather than simultaneously consuming more. The law of diminishing marginal rates of substitution states that MRS decreases as one moves down a standard convex-shaped curve, which is the indifference curve.

• The Diminishing Marginal Rate of substitution refers to the consumer's willingness to part with less and less quantity of one good in order to get one more additional unit of another good.

Explanation:

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