01
Front
What is a consumption bundle?
Back
A specified combination of goods, such as a particular number of apples and cookies.
Free Online Flashcard Deck
1 Preferences and Indifference Curves Free Online FlashCards
Study 1 Preferences and Indifference Curves with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
12 cards
02
Front
Why can’t an indifference curve slope upward when more of both goods is better?
Back
If more of both goods is better, an upward-sloping curve cannot represent equal preference: moving upward would add both goods.
03
Front
What does completeness of preferences require?
Back
For any two bundles, the consumer can rank one at least as highly as the other, or regard them as equally good.
04
Front
What does an indifference curve represent?
Back
The set of all bundles that a consumer regards as equally good.
05
Front
What do convex preferences mean?
Back
A preference is convex when mixtures of two equally valued bundles are at least as good as either bundle.
06
Front
What does monotonicity, or “more is better,” mean?
Back
More of a good, with other goods unchanged, is preferred.
07
Front
What is local nonsatiation?
Back
However close a bundle is, there is always a nearby bundle the consumer prefers. This condition is weaker than requiring every good to be desirable in every circumstance.
08
Front
What does continuity of preferences mean?
Back
Small changes in bundles do not produce abrupt reversals in ranking. Under standard conditions, continuity supports a utility representation.
09
Front
What does A ⪰ B mean?
Back
Bundle A is at least as good as bundle B.
10
Front
When is A strictly preferred to B?
Back
A is weakly preferred to B, but B is not weakly preferred to A.
11
Front
What does it mean for a consumer to be indifferent between A and B?
Back
The consumer weakly prefers each bundle to the other: A⪰B and B⪰A.
12
Front
What does transitivity of preferences require?
Back
If A⪰B and B⪰C, then A⪰C.
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