The marginal rate of substitution of X for Y refers to the amount of Y that a nation or region must be willing to give up to produce each additional unit of X.

Question

Quizplus · Accepted Answer

The marginal rate of substitution of X for Y refers to the amount of Y a consumer is willing to give up to obtain one more unit of X, while keeping their level of satisfaction constant, not the production trade-offs of a nation or region.

The Marginal Rate of Substitution of X for Y Refers