Practice - Monotonic Preferences
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Practice Questions
Test your understanding with targeted questions
Define monotonic preferences.
💡 Hint: Think about how consumers make choices.
What does an indifference curve represent?
💡 Hint: Think of it as a level of satisfaction analogy.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What happens to consumer preferences when a bundle has more of at least one good?
💡 Hint: Think about how choices reflect consumer satisfaction.
Is the statement true or false? 'Two indifference curves can intersect.'
💡 Hint: Reflect on how preferences are organized.
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Challenge Problems
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If a consumer has the choice between bundles (5 bananas, 7 mangoes) and (6 bananas, 6 mangoes), which will they choose based on monotonic preferences and why?
💡 Hint: Focus on the quantity of each good.
Draw and label indifference curves for a consumer who prefers apples and oranges. Describe how you would illustrate monotonic preferences.
💡 Hint: Consider how preferences rank.
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