Suppose two indifference curves intersect. Then, it is true that:Group of answer choicesthey may be the indifference curves of two consumers with different tastesthey may be the indifference curves of a consumer whose tastes violate the assumption of transitivityboth of the above are correctnone of the above is correct

If the tastes of a consumer satisfy the assumption of transitivity, her indifference curves must:Group of answer choicesNot cross the axesHave a positive slopeNot cross one anotherBend toward the originAll of the above

Suppose the tastes of an individual are represented by the following map of indifference curves:Which of the following statements is correct?Group of answer choicesThis individual receives no satisfaction from good AFor this individual goods A and B are perfect complementsFor this individual goods A and B are perfect substitutesThis individual receives no satisfaction from good B

Suppose an indifference curve is positively sloped. Which assumption about the tastes is violated? Group of answer choicesCompletenessTransitivityMonotonicityConvexity

If there are only two goods, if more of good 1 is always preferred to less, and if less of good 2 is always preferred to more, then:Group of answer choicesindifference curves slope downwards.indifference curves slope upwards.indifference curves may cross.indifference curves could take the form of ellipses.

Which of the following scenarios is consistent with a consumer's optimal choice?The budget line intersects the indifference curve at multiple pointsThe budget line is tangent to the indifference curveThe budget line intersects the indifference curve at one pointThe budget line is above the indifference curve