Final answer:
The marginal rate of substitution measures the rate at which a consumer is willing to give up one good for another while maintaining the same level of satisfaction or utility.
Step-by-step explanation:
The marginal rate of substitution is a concept in economics that measures the rate at which a consumer is willing to give up one good in exchange for another, while maintaining the same level of satisfaction or utility. It is calculated as the ratio of the marginal utility of one good to the marginal utility of another, and represents the consumer's preference for one good over another. For example, if the marginal rate of substitution for apples and oranges is 2, it means that the consumer is willing to give up 2 apples to obtain 1 orange, and still be equally satisfied.