Final answer:
The rate of substitution or tradeoff between two inputs in the production of a specific product is known as the marginal rate of technical substitution.
Step-by-step explanation:
The rate of substitution or tradeoff between two inputs in the production of a specific product is known as the marginal rate of technical substitution. It represents the slope of an isoquant curve. The marginal rate of technical substitution measures the amount by which one input can be reduced for a given increase in the other input, while keeping output constant. It is an important concept in economics that helps firms determine the optimal combination of inputs for production.