What does the bowed shape of the indifference curve reflect about the consumer's willingness
A)It reflects his unwillingness to give up a good that he already has in large quantity.
B)It reflects his unwillingness to purchase a good that he already has in large quantity.
C)It reflects his greater willingness to give up a good that he already has in large quantity.
D)It reflects his greater willingness to purchase a good that he already has in large quantity.

Question

Quizplus · Accepted Answer

The bowed shape of the indifference curve reflects the consumer's diminishing marginal utility for a good. As the consumer already has a large quantity of a good, giving up one unit of that good will have a relatively low impact on their overall utility. Therefore, the consumer is more willing to give up a good that they already have in large quantity, resulting in a bowed shape of the indifference curve.

What Does the Bowed Shape of the Indifference Curve Reflect