Figure 2A

-In Figure 2A, which of the following curves represents a weakly convex indifference curve?
A)Figure 2A (a)
B)Figure 2A (b)
C)Figure 2A (c)
D)Figure 2A (d)

Question

Figure 2A

-In Figure 2A, which of the following curves represents a weakly convex indifference curve?
A)Figure 2A (a) 
B)Figure 2A (b) 
C)Figure 2A (c) 
D)Figure 2A (d)

Quizplus · Accepted Answer

A weakly convex indifference curve represents preferences where the consumer is willing to substitute one good for another but at a decreasing rate. Curve (b) in Figure 2A likely shows a curve that is convex to the origin but less steeply than a strongly convex curve, indicating diminishing marginal rates of substitution, which is characteristic of weakly convex preferences.

Figure 2A -In Figure 2A, Which of the Following Curves Represents a Curves