The Concept of Diminishing Marginal Rate of Substitution Indicates That

Multiple Choice

The concept of diminishing marginal rate of substitution indicates that

A) along an indifference curve, a consumer prefers the consumption combinations moving to the northwest along the curve.
B) individuals are willing to give up an increasing amount of good Y in order to obtain one more unit of good X as the consumption of good X increases.
C) individuals are willing to give up a decreasing amount of good Y in order to obtain one more unit of good X as the consumption of good X increases.
D) None of the above answers is correct.