Multiple Choice
If indifference curves are upward sloping, this violates the assumption that preferences:
A) are complete
B) are transitive.
C) are such that more is better
D) Upward sloping indifference curves do not violate any of the assumptions about preferences.
Correct Answer:
Verified
Correct Answer:
Verified
Q33: If MRSx, y is constant at 5,
Q34: Suppose that a consumer has utility
Q35: When marginal utility is negative, total utility
Q36: The assumption that preferences are transitive requires
Q37: An illustration of an indifference curve has:<br>A)prices
Q39: Marginal utility is<br>A)always increasing.<br>B)maximized when total utility
Q40: Total utility and marginal utility cannot be
Q41: The slope of an indifference curve measures
Q42: Suppose the marginal rate of substitution of
Q43: Consider the following three market baskets.