<P> It is important to note that when comparing bundles of goods X and Y that give a constant utility (points along an indifference curve), the marginal utility of X is measured in terms of units of Y that is being given up . </P> <P> For example, if the MRS = 2, the consumer will give up 2 units of Y to obtain 1 additional unit of X . </P> <P> As one moves down a (standardly convex) indifference curve, the marginal rate of substitution decreases (as measured by the absolute value of the slope of the indifference curve, which decreases). This is known as the law of diminishing marginal rate of substitution . </P> <P> Since the indifference curve is convex with respect to the origin and we have defined the MRS as the negative slope of the indifference curve, </P>

Law of diminishing marginal rate of substitution is associated with
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