Advanced Higher Economics Practice Questions - Scottish Advanced Higher Economics (C820 77) Exam

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Which of the following best defines the Marginal Rate of Substitution (MRS) of good X for good Y along an indifference curve?

The rate at which a consumer is willing to substitute good Y for good X while maintaining the same level of utility The ratio of the market prices of good X and good Y The change in total utility resulting from a one-unit increase in income The percentage change in quantity demanded of X divided by the percentage change in price of Y

Correct Answer:

The rate at which a consumer is willing to substitute good Y for good X while maintaining the same level of utility

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