Economics · Indifference Curve Analysis
Which of the following statements explain why indifference curves slope downwards from left to right? (a) Diminishing marginal utility of goods (b) Diminishing marginal rate of substitution (MRS) between two goods (c) Diminishing marginal rate of technical substitution (d) Ordinal measurability of utility (e) Diminishing marginal utility of money
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- 1(c) and (d) only
- 2(b) and (d) only✓
- 3(a) and (d) only
- 4(a) and (e) only
Correct answer
(b) and (d) only
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