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jaspinder kaur jaspinder kaur
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5 years ago

Question 1.

Toby tells you that he prefers hamburgers to hot dogs, hot dogs to tacos, and hamburgers to tacos. This violates what assumption made when analyzing consumer preferences?



▸ that more is better

▸ that there is a diminishing marginal rate of substitution

▸ that consumers are rational

▸ This does not violate any assumptions relating to consumer preference.

Question 2.

As you move down an indifference curve, the absolute value of the slope



▸ increases.

▸ decreases.

▸ remains constant.

▸ initially decreases and then increases.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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Antoinette12Antoinette12
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jaspinder k. Author
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5 years ago
Thank you
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