Rates of substitution are determined by
A) The consumer's income
B) The consumer's preferences
C) The number of available consumption bundles
D) The prices of different goods

Question

Quizplus · Accepted Answer

Rates of substitution are determined by the consumer's preferences, as they reflect the rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility.

Rates of Substitution Are Determined by