Practice mode Consumer Theory vs. Real Consumers

Which statement does NOT describe a standard property of indifference curves?

Correct answer D. Indifference curves are bowed outward

Explanation

Standard indifference curves are bowed inward (convex to the origin) because of a diminishing marginal rate of substitution. Being bowed outward would mean consumers prefer extremes to balanced bundles.

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Which statement does NOT describe a standard property of indifference curves?

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Which statement does NOT describe a standard property of indifference curves?

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