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Theory Of Consumer Behaviour

Question

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Which of the following is not a characteristic of an indifference curve:

Indifference Curve is convex to the origin.

Higher Indifference Curve indicates higher level of satisfaction.

Indifference Curve do not intersect each other.

Indifference Curve is concave to the origin.

Solution

A.

Indifference Curve is convex to the origin.

Some More Questions From Theory Of Consumer Behaviour Chapter

What is meant by marginal rate of substitution (MRS)?

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

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