The economic concept at which the consumer is willing to substitute one good for the other? Option 1: Price Ratio. Option 2: Marginal rate of substitution. Option 3: Marginal rate of technical substitution. Option 4: Diminishing marginal rate.

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

CUET Economics - The economic concept at which the consumer is willing to substitute one good for the other? | PYQs + Solutions

CUET Economics 2025 29 May Shift 2

Micro

Medium

Price Ratio.

Marginal rate of substitution.

Marginal rate of technical substitution.

Diminishing marginal rate.

✅ Correct Option: 2

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With regard to price elasticity, in general, demand for a luxury good is likely to be ........

30 May Shift 2

What are the features of an Indifference Curve?

(A) Indifference curve slopes upwards from left to right.

(B) Higher indifference curve gives greater level of utility.

(D) Two indifference curves never intersect each other

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13 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Analysis assumes that level of utility can be expressed in numbers.	(I) Cardinal Utility
(B) Change in total utility due to consumption of one additional unit of a commodity	(II) Law of Diminishing Marginal Utility.
(C) Marginal utility from consuming each additional unit of a commodity declines as its consumption increases.	(III) Marginal Utility
(D) The amount of mangoes that the consumer has to forego in order to get an additional banana, her total utility level being the same.	(IV) Marginal rate of substitution

Choose the correct answer from the options given below: