{"id":47880,"date":"2024-04-15T22:33:10","date_gmt":"2024-04-15T22:33:10","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=47880"},"modified":"2024-04-15T22:33:10","modified_gmt":"2024-04-15T22:33:10","slug":"a-point-on-the-slope-of-the-indifference-curve-is-called","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/a-point-on-the-slope-of-the-indifference-curve-is-called\/","title":{"rendered":"A point on the slope of the indifference curve is called"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Marginal rate of substitution&#8221; option2=&#8221;Establishment rate of trade off&#8221; option3=&#8221;Trade off rate&#8221; option4=&#8221;Marginal rate of neutrality&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is A. Marginal rate of substitution.<\/p>\n<p>The marginal rate of substitution (MRS) is the rate at which a consumer is willing to give up one good in exchange for another good, while maintaining the same level of satisfaction. It is measured as the ratio of the marginal utility of the two goods.<\/p>\n<p>The indifference curve is a graph that shows all the combinations of goods that a consumer is indifferent between. The slope of the indifference curve is equal to the marginal rate of substitution.<\/p>\n<p>The establishment rate of trade off is not a term that is used in economics.<\/p>\n<p>The trade off rate is the rate at which one good can be exchanged for another good. It is equal to the reciprocal of the marginal rate of substitution.<\/p>\n<p>The marginal rate of neutrality is not a term that is used in economics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Marginal rate of substitution&#8221; option2=&#8221;Establishment rate of trade off&#8221; option3=&#8221;Trade off rate&#8221; option4=&#8221;Marginal rate of neutrality&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-47880","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A point on the slope of the indifference curve is called<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/a-point-on-the-slope-of-the-indifference-curve-is-called\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A point on the slope of the indifference curve is called\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Marginal rate of substitution&#8221; 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