Define monotonic preferences of the consumer.

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Solution

Monotonic preferences means the consumer preferences are such that greater consumption of a commodity always offers him a higher level of satisfaction.

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Similar questions

Consumer preferences are monotonic means :

(a) Cconsumer prefers less of both the goods

(b) Consumer prefers more of both the goods

(d) Both B and C

If the consumer has monotonic preferences, can she be indifferent between the bundles (10, 8) and (8, 6)?

What do you mean by monotonic preferences?

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