2014 · Q36
The rate at which the consumer is willing to substitute one good for another without changing the level of satisfaction is known as
indian-polity-economyeconomy-fundamentals
- Amarginal rate of substitution
- Bmarginal rate of technical substitution
- Cdiminishing marginal utility
- Dequi-marginal utility
Explanation
The marginal rate of substitution is the rate at which a consumer substitutes one good for another while keeping satisfaction unchanged.