Question
In: Economics
True/False: Indicate whether the following statement is true or false. If it is false, indicate the...
True/False: Indicate whether the following statement is true or false. If it is false, indicate the reason. If it is true, indicate what makes it true. Just stating true or false will not earn any points.
"It is not possible to have concave preferences."
Solutions
Expert Solution
Indifference curve is a graph which shows various combinations of two good each combination gives the same level of satisfaction to the consumer. There are two types of preferences which indifference curve shows. one is convex preferences and the another one is concave preferences.
convex preferences refers to those combinations of goods which consumer like to consume together. Convex preferences have indifference curve which is convex to the origin.
And, concave preferences refers to those combination of goods which consumer like to consume separatley. Concave preferences have indifference curve which is concave to the origin.
So, it is possible to have concave preferences as it depends on consumer decision whether to consume goods together or to consume separately. if consumer like to consume the goods together it will be called convex preferences and if consumer like to consume goods separately it will be called concave preferences.
Hence, the statement given in question "It is not possible to have concave preferences." is FALSE.
Rahul Sunny answered 2 years agoRelated Solutions
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