Which of the following statements is correct? Indifference curves cannot intersect due to the property of "Continuity" of preferences OIndifference curves cannot intersect due to the property of "Completeness" of preferences Indifference curves cannot intersect due to the property of "More is better* of preferences Indifference curves cannot intersect due to the property of Transitivity of preferences

Which of the following statements is correct? Indifference curves cannot intersect due to the property of "Continuity" of preferences OIndifference curves cannot intersect due to the property of "Completeness" of preferences Indifference curves cannot intersect due to the property of "More is better* of preferences Indifference curves cannot intersect due to the property of Transitivity of preferences

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.1P

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Similar questions

Which feature of indifference curves guarantees this result? a. Concavit of indifference curves b. Marginal Rate of Substitution c. Higher indifference curves indicate higher levels of utility d. Indifference curves do not intersect e. Indifference curves are downward sloping
Which of the following is not the property of indifference curves? a. Indifference curve is downward sloping. b. Higher the indifference curves, higher is the level of satisfaction. c. Two indifference curves cannot intersect each other. d. Indifference curve is concave to origin.
Consider a budget line drawn with apples on the vertical axis and oranges on the horizontal axis. The consumer's income is $100, the price of apples is $5, and the price of oranges is $10. Suppose the consumer's income falls to $75.00, but the prices of apples and oranges remain unchanged. The change in income produces a: a) parallel shift inward of the indifference curves. b) new budget line which is flatter than the original one. c) new budget line which is steeper than the original one. d) parallel shift inward of the budget line
The properties of indifference curves can be described as : a. Lower indifference curves are less preferred than the higher indifference curves. b. Indifference curves are downward sloping. c. Indifference curves are parallel to each other. d. All of the above.
True or false. Indifference curves are a graphical way to illustrate a person's tastes and preferences towards two goods.
It is the property of indifference curve that no two ICs can intersect each other because: a. same combination of two goods cannot give different level of satisfaction. b. of diminishing MRS. c. consumer preferences are transitive. d. MRS will not equal with MRT.
Determine which, if any, of Properties 4–1 through 4–4 are violated by the indifference curves shown in the following diagram
Which of the following statements is FALSE as it relates to indifference curves: a. They are convex to the origin. b. They are downward sloping. c. They exhibit higher levels of utility as you move from the origin. d. They could intersect.
When drawing an indifference curve, which of the following statements is true? A. Indifference curves slope downward from left to right. B. Indifference curves are always straight lines. C. Indifference curves cannot intersect each other. D. Indifference curves represent a constant level of utility.
Suppose Coffee and Tea have a perfect substitute indifference curve, with Coffee on the X-axisand Tea on the Y-Axis. We are also given that for the person, MRS = 10 and MRS < Px/Py.Graphically show and explain the optimal choice of the person. Show the necessarymathematical work to accompany your answer.
Show that an indifference curve Cannot be thick (cannot have positive thickness, rather than being just a line). Cannot bend backward (forming a "hook" at the end). Cannot intersect another indifference curve.
Can an indifference curve cross itself? For example, could Figure 3.2 depict a single indifference curve? Note: figure 3.2 is uploaded in jpg format.