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

Good X and Y are considered to be substitutes by a consumer. He is currently consuming good X. If the price of Good Y decreases, then arrange the following in correct sequence.

(A) Demand for Good X decreases.

(B) Consumer finds Good Y to be relatively cheaper than Good X.

(D) Consumer shifts from Good X to Good Y.

Choose the correct answer from the options given below:

2 June Shift 1

Match List-I with List-II

List-I	List-II
(A) Consumer's equilibrium	(I) ΔY/ ΔX
(B) Slope of IC	(II) Budget line rotates to the right starting from the Y axis
(C) Px falls	(III) Consumer should move downwards to the right along the IC
(D) MRSxy > Px/Py	(IV) Optimum choice of the consumer

Choose the correct answer from the options given below:

3 June Shift 1

How much units of Good Y can the consumer consume if she spends her entire income on that good?

CUET Economics PYQs

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