When two commodities (X and Y) are perfect substitutes of each other, consumer's indifference curve will be
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1 mark, −0.33MicroeconomicsConsumer preferences and utilityPerfect substitutes, complements and lexicographic preferencesEasyabout 1 min
UoH 2019 Question 12: 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 Perfect substitutes, complements and lexicographic preferences, part of Consumer preferences and utility in Microeconomics.
Preferences that give straight-line, L-shaped or dictionary-ordered indifference sets, and how they differ from standard ones.
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