MRS is defined as:

(A) Amount of good Y given up in exchange for good X such that total utility is constant
(B) Amount of good X given up in exchange for good Y such that total utility is constant
(C) Amount of good Y given up in exchange for good X such that total utility rises
(D) Amount of good Y given up in exchange for good X

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  • A firm faces the shut down situation when?

    (A) Price is less than average variable cost
    (B) Price is more than the average variable cost
    (C) Price is equal to fixed cost
    (D) Price is more than the average fixed cost

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