|Definition||:||Marginal Rate of Substitution|
|Category||:||Business » Business Terms|
What does MRS mean?
Marginal Rate of Substitution (MRS) is the rate at which a consumer is ready to give up one good in exchange for another good while remaining equally satisfied.
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Frequently Asked Questions (FAQ)
What is the full form of MRS in Economics?
The full form of MRS is Marginal Rate of Substitution