what are monotonic preferences? Explain why an indifference curve to the right shows higher utility
Answers
Answer:
Monotonic preferences means that greater consumption of a commodity by the consumer gives him higher level of satisfaction. (i) Downward sloping from left to right . Indifference curve is a curve showing different combinations of two goods, each combination offering the same level of satisfaction to the consumer
Explanation:
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Answer:
Monotonic preferences means that greater consumption of a commodity by the consumer gives him higher level of satisfaction. (i) Downward sloping from left to right . Indifference curve is a curve showing different combinations of two goods, each combination offering the same level of satisfaction to the consumer.
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