With good X on the horizontal axis and good Y on the vertical axis, a U shaped indifference curve indicates:
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4 marks, −1MicroeconomicsConsumer preferences and utilityIndifference curves and their propertiesHardabout 2 min
CUET-PG 2023 Shift 2 Question 62: Consumer preferences and utility
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Consumer preferences and utility has come up 93 times in 7 exams since 2007.
What this question tests
This question is on Indifference curves and their properties, part of Consumer preferences and utility in Microeconomics.
What indifference curves look like for goods, bads and neutrals, and why they slope down and never cross.
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