{"id":89748,"date":"2025-06-01T10:11:57","date_gmt":"2025-06-01T10:11:57","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=89748"},"modified":"2025-06-01T10:11:57","modified_gmt":"2025-06-01T10:11:57","slug":"the-rate-at-which-the-consumer-is-willing-to-substitute-one-good-for-a","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-rate-at-which-the-consumer-is-willing-to-substitute-one-good-for-a\/","title":{"rendered":"The rate at which the consumer is willing to substitute one good for a"},"content":{"rendered":"

The rate at which the consumer is willing to substitute one good for another without changing the level of satisfaction is known as :<\/p>\n

[amp_mcq option1=”Marginal rate of substitution” option2=”Marginal rate of technical substitution” option3=”Diminishing marginal utility” option4=”Equi-marginal utility” correct=”option1″]<\/p>\n

\n
\n
This question was previously asked in<\/div>\n
UPSC CAPF – 2014<\/div>\n<\/div>\n
Download PDF<\/a>Attempt Online<\/a><\/div>\n<\/div>\n
\nThe rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction is known as the Marginal Rate of Substitution (MRS). Graphically, it is the absolute slope of an indifference curve at any point.
\n<\/section>\n
\n– Marginal Rate of Substitution (MRS): Rate at which a consumer gives up one good for another to maintain constant utility.
\n– Marginal Rate of Technical Substitution (MRTS): Rate at which a firm substitutes one input for another to maintain constant output.
\n– Diminishing Marginal Utility: The concept that the additional utility gained from consuming one more unit of a good decreases as consumption increases.
\n– Equi-marginal utility: Condition for consumer equilibrium where the ratio of marginal utility to price is equal for all goods.
\n<\/section>\n
\nMRS is a core concept in consumer theory, helping to understand how consumers make choices between different bundles of goods based on their preferences, represented by indifference curves. As a consumer moves down an indifference curve, consuming more of one good and less of another, the MRS typically diminishes, reflecting the consumer’s increasing reluctance to give up the good they have less of for the good they have more of.
\n<\/section>\n","protected":false},"excerpt":{"rendered":"

The rate at which the consumer is willing to substitute one good for another without changing the level of satisfaction is known as : [amp_mcq option1=”Marginal rate of substitution” option2=”Marginal rate of technical substitution” option3=”Diminishing marginal utility” option4=”Equi-marginal utility” correct=”option1″] This question was previously asked in UPSC CAPF – 2014 Download PDFAttempt Online The rate … <\/p>\n

Detailed SolutionThe rate at which the consumer is willing to substitute one good for a<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1085],"tags":[1468,1120,1261],"class_list":["post-89748","post","type-post","status-publish","format-standard","hentry","category-upsc-capf","tag-1468","tag-economic-development","tag-nature-of-indian-economy","no-featured-image-padding"],"yoast_head":"\nThe rate at which the consumer is willing to substitute one good for a<\/title>\n<meta name=\"description\" content=\"The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction is known as the Marginal Rate of Substitution (MRS). Graphically, it is the absolute slope of an indifference curve at any point. - Marginal Rate of Substitution (MRS): Rate at which a consumer gives up one good for another to maintain constant utility. - Marginal Rate of Technical Substitution (MRTS): Rate at which a firm substitutes one input for another to maintain constant output. - Diminishing Marginal Utility: The concept that the additional utility gained from consuming one more unit of a good decreases as consumption increases. - Equi-marginal utility: Condition for consumer equilibrium where the ratio of marginal utility to price is equal for all goods.\" \/>\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\/the-rate-at-which-the-consumer-is-willing-to-substitute-one-good-for-a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The rate at which the consumer is willing to substitute one good for a\" \/>\n<meta property=\"og:description\" content=\"The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction is known as the Marginal Rate of Substitution (MRS). Graphically, it is the absolute slope of an indifference curve at any point. - Marginal Rate of Substitution (MRS): Rate at which a consumer gives up one good for another to maintain constant utility. - Marginal Rate of Technical Substitution (MRTS): Rate at which a firm substitutes one input for another to maintain constant output. - Diminishing Marginal Utility: The concept that the additional utility gained from consuming one more unit of a good decreases as consumption increases. - Equi-marginal utility: Condition for consumer equilibrium where the ratio of marginal utility to price is equal for all goods.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-rate-at-which-the-consumer-is-willing-to-substitute-one-good-for-a\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-01T10:11:57+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The rate at which the consumer is willing to substitute one good for a","description":"The rate at which a consumer is willing to substitute one good for another while maintaining the same level of utility or satisfaction is known as the Marginal Rate of Substitution (MRS). 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