Goods $X$ and $Y$ are perfect substitutes. A consumer's indifference curve for these commodities is represented by a ______.

upward sloping straight line

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upward sloping convex curve

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downward sloping straight line

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downward sloping curve which is convex to origin

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Solution

The correct option is B downward sloping straight line
When two goods are perfect substitutes, then the consumer's indifference curve for these commodities is represented by a downward sloping straight line.

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Q. Why is the total revenue curve of a price taking firm an upward sloping straight line? Why does the curve pass through the origin?

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Identify which of the following is not true for the Indifference Curves. Give valid reasons for choice of your answer:

a. Lower indifference curve represents lower level of satisfaction.

b. Two regular convex to origin indifference curves can intersect each other.

c. Indifference curve must be convex to origin at the point of tangency with the budget line at the consumer’s equilibrium.

d. Indifference curves are drawn under the ordinal approach to consumer equilibrium.

A consumer has total money income of Rs 250 to be spent on two goods X and Y with prices of Rs 25 and Rs 10 per unit respectively. On the basis of the information given, answer the following questions:

a. Give the equation of the budget line for the consumer.

b. What is the value of slope of the budget line?

c. How many units can the consumer buy if he is to spend all his money income on good X?

d. How does the budget line change if there is a fall in price of good Y?

Q. Write True or False with a reason.
If a straight line upward sloping supply curve shoots from the origin, elasticity of supply is always equal to one.

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Goods X and Y are perfect substitutes. A consumer's indifference curve for these commodities is represented by a ______.

The correct option is B downward sloping straight lineWhen two goods are perfect substitutes, then the consumer's indifference curve for these commodities is represented by a downward sloping straight line.

Goods $X$ and $Y$ are perfect substitutes. A consumer's indifference curve for these commodities is represented by a ______.

The correct option is B downward sloping straight line
When two goods are perfect substitutes, then the consumer's indifference curve for these commodities is represented by a downward sloping straight line.