Indifference curves that cross violate the property of
a. the marginal rate of substitution.
b. transitivity.
c. indifference curves bowing inward.
d. They do not violate any properties of indifference curves.
b
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How can the demand for one good be affected by increased demand for another one?
(A) When goods are bought together, increased demand for one will decrease demand for the other. (B) A drop in price for a good will increase demand for the good and its substitute. (C) If goods are used together, increased demand for one will increase demand for the other. (D) If goods are substitutes for each other, increased demand for one will increase demand for the other.
Technological advance improves productivity in a purely competitive industry. This change will result in a shift:
A. Down of the individual firm's MC curve, causing the market supply curve to shift to the left B. Down of the individual firm's MC curve, causing the market supply curve to shift to the right C. Up of the individual firm's MC curve, causing the market supply curve to shift to the left D. Up of the individual firm's MC curve, causing the market supply curve to shift to the right