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What is monotonic preference?

Asked by Topperlearning User 25th April 2016, 11:03 AM
Answered by 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 Expert 25th April 2016, 1:03 PM
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