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प्रश्न
Why is an indifference curve negatively sloped? Explain.
उत्तर
The downward slope of the indifference curve to the right implies that a consumer cannot simultaneously have more of both the goods. An increase in the quantity of one good is associated with the decrease in the quantity of the other good. This is in accordance with the assumption of monotonic preferences.
संबंधित प्रश्न
Explain the three properties of the indifference curves.
Define an indifference curve.
Explain why an indifference curve is downward sloping from left to right.
State the meaning and properties of production possibilities frontier.
If Marginal Rate of Substitution is constant throughout, the Indifference curve will be :(choose the correct alternative)
a. Parallel to the x-axis.
b. Downward sloping concave.
c. Downward sloping convex.
d. Downward sloping straight line.
If Marginal Rate of Substitution is increasing throughout, the Indifference Curve will be: (Choose the correct alternative)
a. Downward sloping convex
b. Downward sloping concave
c. Downward sloping straight line
d. Upward sloping convex
Define indifference map.
Define an indifference map. Why does indifference curve to the right show more utility? Explain.
What are the properties of indifference curves?
Assertion (A): A lower indifference curve represents a higher level of satisfaction.
Reason (R): According to the Indifference Curve Approach, utility is an ordinal concept, that is, it can be ranked and not measured.
Which of these is not a property of indifference curve?
"Higher indifference curve represents fewer quantities of one or both goods, a higher indifference curve shows higher utility level." Choose the correct option for the above mentioned statement:
Indifference curve is:
Which of the following statements are incorrect?
Observe the graph given below and answer the question that follow.
- Give a reason to explain if the graph shown above can be a common phenomenon or not. [2]
- What is an indifference map? Draw its diagram. [2]
- State any two differences between cardinal utility and ordinal utility. [2]
Points K and T will NOT be attained by the consumer. Select the reason from the options given below.
Will you defend or refute the case depicted in the following diagram? Provide a rationale in support of your view.
