Economics · Economics
Why does the marginal rate of substitution (MRS) tend to diminish as the consumer moves downward along an indifference curve?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To remain at the same level of satisfaction, a consumer is willing to give up less and less of one good to obtain one more unit of another good.✓
- 2Marginal utility is additive.
- 3The marginal utility of the good being given up increases.
- 4All of the above
Correct answer
To remain at the same level of satisfaction, a consumer is willing to give up less and less of one good to obtain one more unit of another good.
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