The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve.

Name: The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve.
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Question

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The definition given in the statement is correct and describes the concept of marginal rate of substitution.

The Marginal Rate of Substitution Is the Rate at Which