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What does a convex indifference curve imply in indifference curve analysis?a)It implies that the consumer has perfect knowledge of market prices.b)It implies that the consumer's preferences are not consistent.c)It implies that the consumer's marginal rate of substitution (MRS) is diminishing.d)It implies that the consumer's budget constraint is shifting.Correct answer is option 'C'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What does a convex indifference curve imply in indifference curve analysis?a)It implies that the consumer has perfect knowledge of market prices.b)It implies that the consumer's preferences are not consistent.c)It implies that the consumer's marginal rate of substitution (MRS) is diminishing.d)It implies that the consumer's budget constraint is shifting.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What does a convex indifference curve imply in indifference curve analysis?a)It implies that the consumer has perfect knowledge of market prices.b)It implies that the consumer's preferences are not consistent.c)It implies that the consumer's marginal rate of substitution (MRS) is diminishing.d)It implies that the consumer's budget constraint is shifting.Correct answer is option 'C'. Can you explain this answer?.

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