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Question
As we move down the indifference curve left to right, the slope of IC tends to
As we move down the indifference curve left to right, the slope of IC tends to
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Solution
The correct option is D decline
Slope of IC shows the amount of Good-Y which a consumer is willing to give up for one unit more of Good-X. It is expressed as ‘Change in Y/Change in X’. Since IC is convex to the origin, so, as we move down on the curve from left to right, the slope of IC tends to decline.
Slope of IC shows the amount of Good-Y which a consumer is willing to give up for one unit more of Good-X. It is expressed as ‘Change in Y/Change in X’. Since IC is convex to the origin, so, as we move down on the curve from left to right, the slope of IC tends to decline.
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