The marginal rate of substitution is the rate at which a consumer is willing to trade one good for another.

Name: The marginal rate of substitution is the rate at which a consumer is willing to trade one good for another.
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Question

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The definition of marginal rate of substitution is correct. It represents the rate at which a consumer is willing to give up one good in order to obtain more of another good, while remaining equally satisfied.

The Marginal Rate of Substitution Is the Rate at Which