A Consumer's total utility level being the same, the amount of good 'X' that the consumer has to forego, in order to get an additional unit of good Y is termed as : Option 1: Monotonic preference Option 2: Marginal Rate of substitution Option 3: Marginal Rate of transformation Option 4: Diminishing Marginal Utility

The answer is 'Marginal Rate of substitution'. View full solution:

CUET Economics - A Consumer's total utility level being the same, the amount of good 'X' that the consumer has to forego, in order to get an additional unit of good Y is termed as : | PYQs + Solutions

CUET Economics

Micro

Easy

Monotonic preference

Marginal Rate of substitution

Marginal Rate of transformation

Diminishing Marginal Utility

✅ Correct Option: 2

Related questions:

21 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Increase in consumers' income	(I) Budget line becomes flatter
(B) Decrease in price of good on X axis	(II) No change in the slope of budget line
(C) Equal increase in price of both good X and good Y	(III) Parallel and rightward shift in their budget line
(D) Decrease in Price of the good on Y axis	(IV) Budget line becomes steeper

Choose the correct answer from the options given below:

13 May Shift 1

Budget Set is __________

16 May Shift 1

Individual demand for a good does not depend upon which of the following?