Which one of the following assumptions about indifference curves is incorrect?
A)Consumers usually prefer more to less.
B)Consumers' preferences are transitive.
C)The marginal rate of substitution declines along an indifference curve.
D)Declining MRS implies that indifference curves are concave to the origin.

Question

Quizplus · Accepted Answer

Declining MRS implies that indifference curves are convex to the origin, not concave.

Which One of the Following Assumptions About Indifference Curves Is