Question

What are monotonic preferences?
explain as 3 marks question
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Answer 1

Answer:

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Explanation:

In economics, an agent's preferences are said to be weakly monotonic if, given a consumption bundle, the agent prefers all consumption bundles that have more of all goods

Answer 2

Answer:

Monotonic preferences means the consumer preferences are such that greater consumption of a commodity always offers him a higher level of satisfaction.

Explanation:

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