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What is monotonic reference

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What is monotonic reference

Posted by Abhishek Yadav 7 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Chesta Pawan Manchanda 7 years, 2 months ago

Firstly it is preference not reference Monotonic preference is the basic assumption of indifference curve analysis. The state in which Consumerr thinks that consumption of more and more units of a commodity provides more and more satisfaction . That's why higher IC always provide higher level of satisfaction. This situation is called monotonic preference of a consumer.

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