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The Rate at Which a Person Is Willing to Give

Question 71

Multiple Choice

The rate at which a person is willing to give up a litre of petrol to get one more kilogram of coffee and remain on the same indifference curve is called his or her


A) relative cost of coffee in terms of petrol.
B) marginal rate of substitution.
C) indifference cost of coffee.
D) personal price of coffee.

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