The marginal rate of substitution (MRS) at point A is greater than at point B. All indifference curves for a person cross at least one other indifference curve for that person. Each person has an infinite number of indifference curves. IC2 and IC3 could belong to different people. Different people have differently shaped indifference curves. ICI shows a preference for ketchup over mustard.
The marginal rate of substitution (MRS) at point A is greater than at point B. All indifference curves for a person cross at least one other indifference curve for that person. Each person has an infinite number of indifference curves. IC2 and IC3 could belong to different people. Different people have differently shaped indifference curves. ICI shows a preference for ketchup over mustard.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterB: Indifference Curves
Section: Chapter Questions
Problem 5RQ: Exercise B5 How can you tell which indifference calves represent higher or lower levels of utility?
Related questions
Question
Determine what's true or false.
![The marginal rate of substitution (MRS) at point A is greater than at point B.
All indifference curves for a person cross at least one other indifference curve for that person.
Each person has an infinite number of indifference curves.
IC2 and IC3 could belong to different people.
IC3 and IC2 could belong to the same person.
Different people have differently shaped indifference curves.
IC1 shows a preference for ketchup over mustard.
For any set of two goods, everyone has three different indifference curves.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80fac62b-1f91-4b94-88b2-6d2c841a4645%2Fd44206fc-33da-4f28-9951-d211533fdc84%2Fcs9gljv_processed.png&w=3840&q=75)
Transcribed Image Text:The marginal rate of substitution (MRS) at point A is greater than at point B.
All indifference curves for a person cross at least one other indifference curve for that person.
Each person has an infinite number of indifference curves.
IC2 and IC3 could belong to different people.
IC3 and IC2 could belong to the same person.
Different people have differently shaped indifference curves.
IC1 shows a preference for ketchup over mustard.
For any set of two goods, everyone has three different indifference curves.
![Use the graph and your general knowledge of indifference
curves (ICs) to classify each of the statements as true or false.
Quantity of mustard
7.59
5.64
4.69
3.59
0
1.2
B
4.04
6.15
Quantity of ketchup
D
I
I
I
I
I
I
7.76
IC3
IC2
IC1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80fac62b-1f91-4b94-88b2-6d2c841a4645%2Fd44206fc-33da-4f28-9951-d211533fdc84%2Fejjstj_processed.png&w=3840&q=75)
Transcribed Image Text:Use the graph and your general knowledge of indifference
curves (ICs) to classify each of the statements as true or false.
Quantity of mustard
7.59
5.64
4.69
3.59
0
1.2
B
4.04
6.15
Quantity of ketchup
D
I
I
I
I
I
I
7.76
IC3
IC2
IC1
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