Which of the following statements is FALSE?
A)A consumer possesses a preference map.
B)An indifference curve is a line that shows combinations of goods among which a consumer is indifferent.
C)A consumer has only one indifference curve.
D)The marginal rate of substitution is the rate at which a consumer will give up good y to get an additional unit of good x and remain on the same indifference curve.
E)If the indifference curve is steep, the marginal rate of substitution is high.

Question

Quizplus · Accepted Answer

A consumer has multiple indifference curves, each representing a different level of utility or satisfaction. The position of these curves will be different based on the consumer's preferences and available choices.

Which of the Following Statements Is FALSE