Question

what is the meaning of substitution and what is the marginal rate of substitution​

Answer 1

Answer:

The marginal rate of substitution is the willingness of a consumer to replace one good for another good, as long as the new good is equally satisfying.

Answer 2

Answer:

The marginal rate of substitution is the willingness of a consumer to replace one good for another good, as long as the new good is equally satisfying.

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