Question

What do you mean by monotonic preference?

Solution

Consumer's preferences are called monotonic when between two bundles {say (10, 9) and (9, 9)}, one bundle has more of at least one of the goods and no less of the other, the consumer prefers bundles (10, 9) to bundles (9, 9).

Some More Questions From Theory Of Consumer Behaviour Chapter

Define indifference curve.

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

Why is MRS always diminishing?

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Theory Of Consumer Behaviour

What do you mean by monotonic preference?

Some More Questions From Theory Of Consumer Behaviour Chapter

Define indifference curve.

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?

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