Multiple Choice
Preferences are said to be monotonic if
A) all goods must be consumed in fixed proportions.
B) all goods are perfect substitutes.
C) more is always preferred to less.
D) there is a diminishing marginal rate of substitution.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q33: Suppose that there are two commodities and
Q34: Ambrose has indifference curves with the equation
Q35: Nick's indifference curves are circles, all of
Q36: If someone has the utility function U
Q37: A consumer with convex preferences who is
Q39: Colette consumes goods x and y.Her indifference
Q40: If Melody has more classical records than
Q41: Ambrose has an indifference curve with equation
Q42: Professor Stern's colleague, Dr.Schmertz, gives one midterm
Q43: Coach Steroid likes his players to be