Question 30 Which of the following is not characteristic of indifference curves? They are convex to the origin. Curves closer to the origin reflect higher levels of total utility. Their slope diminishes as we move from northwest to southeast on a given curve. They are downwards sloping.
Marginal Rate of Technical Substitution
MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.
Preferences and Utility Analysis
Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.
Question 30
Which of the following is not characteristic of indifference curves?
They are convex to the origin.
Curves closer to the origin reflect higher levels of total utility.
Their slope diminishes as we move from northwest to southeast on a given curve.
They are downwards sloping.
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