Question: Explain why two indifference curves cannot intersect. Part 2 If two indifference curves intersect, then Part 3 A . they violate the assumption that more

Explain why two indifference curves cannot intersect.
Part 2
If two indifference curves intersect, then
Part 3
A.
they violate the assumption that more is better than less.
B.
a consumer will not have convex indifference curves.
C.
they violate the assumption of completeness.
D.
they violate the assumption of transitivity.
E.
both transitivity and the more is better than less assumptions are violoated.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Can indifference curves ever cross? Part 2 In consumer theory, Part 3 A . indifference curves cannot cross because this would violate the assumption of transitivity. B . indifference curves can cross...

Q:

a. List and briefly explain the main assumptions we make on consumer preferences. b. For each assumption, provide an example consumer preference that does not satisfy the assumption (you may...

Q:

Answer these problems. 3. The market illustrated below has Inverse demand p(Q) = 130 - 30 and industry wide marginal cost MC(Q) = 10 + 2Q. If production is competitive, this is the market (inverse)...

Q:

QUESTIONS: ;Solve all the problems. 1.Wha Problems (Soluband to problems mariged * appear at the burck al this book. Problems adapted to one calculon is availabin grains it 1. Which assumption about...

Q:

1. Which of the following is NOT an assumption about how the preference relations work? a) completeness b) reflexivity c) transitivity d) monotonicity 2. If two indifference curves cross itself this...

Q:

Provide solutions to the problems. e. In what range must the international relative price of wheat fall? Why? 7. Suppose that: In Malaysia the unit labor requirement (ULR) to produce a pound of rice...

Q:

.Solve the following this question is complete. (1 point) The average cost per item to produce q items is given by a(q) = 0.02972 1.2g + 28, for q > 0. What is the total cost, C(q), of producing q...

Q:

.Solve these questions. Beaker 0.002 M NaSCN 0.200 M Fe(NOg)3 Equal in 0.1M HNOg (mL) In 0.1 M HINOg (mL) 0.1 M HNO (mL] 0.0 0.1 2.5 2.5 7.5 0.2 2.5 7.4 0.4 2.5 7.3 0.6 2.5 7.1 0.8 2.5 6.8 1.0 2.5...

Q:

Question 2 (20 Marks). a) A bond with a coupon rate of 7% makes semi-annual coupon payments on January 15 and July 15 of each year. The Wall Street Journal reports the ask price for the bond on...

Q:

1) If someone has the utility function U = 1,000 + 2min {x, y}, then x and y are perfect complements for that person. 2) If there are two goods, if a consumer prefers more of each good to less, and...

Q:

Exercise: Assignment Question: Draw the Ice-cream cone with the strawberry shape on the top in HTML. [20] 1. Provide the shadow effect of ice-cream. 2. Backgroud colour should be like light green 3....

Q:

Point A(4,7) and point B (-6,1) are endpoints of bar (AB). Point C is the midpoint of bar (AB). What is the equation of a line perpendicular to bar (AB) that passes through point C ?

Q:

Riley participates in his employers 4 0 1 k plan he retired in 2 0 2 1 at age of 7 5 . When must Tiley receive his distribution pertaining to 2 0 2 1 to avoid minimum distribution penalties? A April...

Q:

Suppose that demand for hats in Mushroom Kingdom is given by the linear market demand curve P = 100 Q. Mushroom Kingdom is autarkic and is served by a monopolist, Crazy Cap, that has a constant...