Match the following:

1-C, 2-A, 3-B, 4-D

The correct answer is Option 2: 1-C, 2-A, 3-B, 4-D

When the price elasticity of demand is greater than 1, it forms a flatter demand curve.

When there is no change in the quantity demanded with change in price, it is called a perfectly inelastic demand curve. It is mostly seen in the case of necessities for ex: salt and medicines.

The marginal rate of substitution is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. This is the slope of indifference curve.

Marginal utility refers to the benefit gained from consuming one additional unit of a commodity. This is the slope of total utility.