The slope of the indifference curve for goods X and Y is called the marginal:
A) product rate.
B) rate of transformation.
C) rate of substitution.
D) rate of utility.

Question

Quizplus · Accepted Answer

The slope of an indifference curve represents the rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility. This is known as the rate of substitution.

The Slope of the Indifference Curve for Goods X and Y