Economics · Consumer Behaviour

Suppose a consumer's indifference curves for goods A and B are L-shaped. Which of the following statements is correct?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The indifference curves violate the assumption of monotonic preferences
2The consumer values the goods only when consumed in fixed proportions✓
3The Marginal Rate of Substitution (MRS) between A and B is constant and equal to 1
4The consumer treats goods A and B as perfect substitutes

Correct answer

The consumer values the goods only when consumed in fixed proportions

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