-Refer to Exhibit 3-1. The indifference curves violate the
A) selfishness assumption
B) convexity of preferences
C) rationality principle

Name: -Refer to Exhibit 3-1. The indifference curves violate the A) selfishness assumption B) convexity of preferences C) rationality principle
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Question

-Refer to Exhibit 3-1. The indifference curves violate the
A) selfishness assumption 
B) convexity of preferences 
C) rationality principle

Quizplus · Accepted Answer

Indifference curves violating the convexity of preferences would mean that the curves are not bowed inward, which is a fundamental assumption in consumer theory indicating diminishing marginal rates of substitution.