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Explain the Concept of the Marginal Rate of Substitution

question 348

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Explain the concept of the marginal rate of substitution. Provide an intuitive rather than mathematical reason it is believed to be diminishing as a consumer moves down an indifference curve.


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Relating to the study of the population and the distribution patterns according to geographic locations and demographic factors.

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Relating to the mental processes of perception, memory, judgment, and reasoning.

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