Read the following statements and select the one(s) that is/are correct about the marginal rate of substitution (MRS).

Question

Answer

The slope of the indifference curve.

Answer

The ratio of the amounts of the two goods at a point on the indifference curve.

Answer

The amount of one good that the consumer is willing to trade for one unit of the other.

Answer

The change in the consumer's utility when one good is substituted for another.

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