Globale Microeconomics

Indifference curves that are upward-sloping violate

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

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

Indifference curves cannot intersect.

Economists use a preference map to illustrate that

If a consumer prefers Apples to Bananas and prefers Bananas to Citrus Fruit, in order to satisfy assumptions about preferences she has to prefer

Indifference curves on the same indifference map can have different shapes.

The statement "There is no accounting for taste" implies

An indifference curve represents bundles of goods that a consumer

Indifference curves cannot ever be concave for two goods.

The assumption of completeness means that

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?

If two indifference curves were to intersect at a point, this would violate the assumption of

Indifference curves that are thick violate

Diminishing marginal rate of substitution can be seen when indifference curves

Indifference curves for perfect substitutes must be parallel lines with a slope of negative one.

If two goods are perfect substitutes, then the indifference curves for those two goods would be

The principle that "More is better" results in indifference curves

A consumer's willingness to trade one good for another can be expressed by the consumer's

Convexity of indifference curves implies that consumers are willing to