properties of indifference curve

Question 1

property 1

Answer 1

higher indifference curves are preferred to lower ones

Question 2

property 2

Answer 2

indifference curves are downwards sloping

(if the quantity of one goods is reduced; the other good will increase)

Question 3

property 3

Answer 3

Indifference curves do NOT cross

(contradicts our assumptions that the consumer always prefers more of both goods than less)

Question 4

property 4

Answer 4

indifference curves are bowed inwards

(consumer is willing to trade off one good for another)

Question 5

indifference map

Answer 5

a set of indifference curves