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What law of diminishing Marginal Rate of substitution?
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What law of diminishing Marginal Rate of substitution?
The Law of Diminishing Marginal Rates of Substitution states that MRS decreases as one moves down the standard convex-shaped curve, which is the indifference curve. For example, a consumer chooses between hamburgers and hotdogs.
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What law of diminishing Marginal Rate of substitution?
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