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

Question

Quizplus · Accepted Answer

A consumer has multiple indifference curves, each representing different levels of utility. Saying a consumer has only one indifference curve is incorrect because it implies there is only one level of satisfaction or utility, which contradicts the concept of indifference curves showing various combinations of goods that provide the same level of utility.

Which of the Following Statements Is FALSE