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Question Practice

Given two goods, bananas and mangoes, how is the Marginal Rate of Substitution (MRS) defined?

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MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
Theory Of Consumer Behaviour
Question Bank

Given two goods, bananas and m...

Single Answer MCQ
Q-00089317

Given two goods, bananas and mangoes, how is the Marginal Rate of Substitution (MRS) defined?

1

The rate at which a consumer is willing to trade off mangoes for bananas.

2

The price ratio of bananas to mangoes.

3

The total utility derived from both goods.

4

The quantity of each good consumed.

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