Which of the following statements is incorrect?
Show Hint
- Indifference curves are downward sloping
- Indifference curves intersect each other
- Indifference curves are usually convex
- Consumer preferences are assumed to be transitive
The Correct Option is B
Solution and Explanation
Step 1: Properties of indifference curves: Downward sloping, convex to origin, and do not intersect.
Step 2: Conclude: Option 2 is incorrect as ICs never intersect.
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