What is monotonic preference?

Asked by Topperlearning User | 25th Apr, 2016, 11:03: AM

Expert Answer:

A monotonic preference means that a rational consumer always prefers more of a good as it offers the consumer a higher level of satisfaction. A consumer may have different preference sets corresponding to the different levels of income.

Answered by  | 25th Apr, 2016, 01:03: PM