What is the meaning of the term "marginal rate of substitution"?
What will be an ideal response?
The marginal rate of substitution between two goods is the rate at which a consumer is willing to give up some of one in exchange for more of the other, and remain indifferent between the old and the new combination. It is also the slope of an indifference curve between the two goods.
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The disposal and settlement of the public lands, according to Hughes and Cain (2011),
(a) went pretty much, in practice, as Jefferson had envisioned. (b) had both intended and unintended consequences. (c) occurred in an orderly and efficient manner for the most part. (d) was adequately funded and well-organized in execution.
A demand curve for The Steel Porcupines' concert tickets would show the:
A. number of tickets the box office is willing to sell at various prices. B. number of people who need tickets. C. quality of people who want to buy these concert tickets. D. number of tickets that will be purchased at various prices.
A regulatory policy under which the government picks the point on the demand curve at which price equals average cost is known as:
A. average-cost pricing. B. marginal-cost pricing. C. average-revenue pricing. D. competitive pricing.
"Unfair or deceptive acts or practices in commerce" were prohibited by the
A. 1938 amendment to the Federal Trade Commission Act. B. Clayton Act. C. Clayton Act as amended by the Robinson-Patman Act. D. Federal Trade Commission Act.