Diminishing marginal rate of substitution for a good means: I.decreasing the quantity of a good that the consumer would give up for one more additional quantity of the other good II.increasing the quantity of a good that the consumer would give up for one more additional quantity of the other good III. no change for the quantity of a good that the consumer would give up for one more additional quantity of the other good IV.all answers are correct

Generally, marginal substitution is reducing, which means a shopper picks the substitute instead of…

Answered: Diminishing marginal rate of…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

ChapterP2: Microeconomics Fundamentals

Section: Chapter Questions

Problem 12KC

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Diminishing marginal rate of substitution for a good means:

	I.	decreasing the quantity of a good that the consumer would give up for one more additional quantity of the other good
	II.	increasing the quantity of a good that the consumer would give up for one more additional quantity of the other good
	III.	no change for the quantity of a good that the consumer would give up for one more additional quantity of the other good
	IV.	all answers are correct

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