Globale Microeconomics

Business

Quiz 4 :

Consumer Choice

Quiz 4 :

Consumer Choice

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Indifference curves that are upward-sloping violate
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C

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Measuring "y" on the vertical axis and "x" on the horizontal axis, convexity of indifference curves implies that the MRS of "y" for "x"
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A

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The indifference curves for left shoes and right shoes would most likely be
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D

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Indifference curves cannot intersect.
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Economists use a preference map to illustrate that
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If a consumer prefers Apples to Bananas and prefers Bananas to Citrus Fruit, in order to satisfy assumptions about preferences she has to prefer
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Indifference curves on the same indifference map can have different shapes.
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The statement "There is no accounting for taste" implies
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An indifference curve represents bundles of goods that a consumer
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Indifference curves cannot ever be concave for two goods.
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The assumption of completeness means that
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Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated? What change in the assumptions could lead a rational consumer to prefer the first bundle?
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If two indifference curves were to intersect at a point, this would violate the assumption of
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Indifference curves that are thick violate
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Diminishing marginal rate of substitution can be seen when indifference curves
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Indifference curves for perfect substitutes must be parallel lines with a slope of negative one.
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If two goods are perfect substitutes, then the indifference curves for those two goods would be
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The principle that "More is better" results in indifference curves
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A consumer's willingness to trade one good for another can be expressed by the consumer's
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Convexity of indifference curves implies that consumers are willing to
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