{"id":45427,"date":"2024-04-15T21:57:52","date_gmt":"2024-04-15T21:57:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=45427"},"modified":"2024-04-15T21:57:52","modified_gmt":"2024-04-15T21:57:52","slug":"we-have-asked-mac-to-rank-his-preference-between-three-market-basket-a-b-and-c-if-mac-prefers-b-to-c-but-does-not-care-if-he-gets-a-or-b-then","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/we-have-asked-mac-to-rank-his-preference-between-three-market-basket-a-b-and-c-if-mac-prefers-b-to-c-but-does-not-care-if-he-gets-a-or-b-then\/","title":{"rendered":"We have asked Mac to rank his preference between three market basket – A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then"},"content":{"rendered":"

[amp_mcq option1=”A is on a higher indifference curve than B” option2=”B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A” option3=”If Mac prefers B to C, but does not care if he gets A or B, then A. A is on a higher indifference curve than B B. B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A C. C is on a higher indifference curve” option4=”Both A and B are on a higher indifference curve than C” correct=”option2″]<\/p>\n

The correct answer is: B. B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A.<\/p>\n

An indifference curve is a graph that shows all the combinations of goods that a consumer is indifferent between. In other words, all the points on an indifference curve represent bundles of goods that the consumer would be equally happy with.<\/p>\n

If Mac prefers B to C, but does not care if he gets A or B, then we can say that B is on a higher indifference curve than C. This is because, if B were on a lower indifference curve than C, then Mac would prefer C to B. However, since Mac prefers B to C, we know that B must be on a higher indifference curve than C.<\/p>\n

However, it is not possible to determine whether C is on a higher, lower or same indifference curve than A. This is because we do not know how Mac ranks A and C relative to each other. If Mac prefers A to C, then C would be on a lower indifference curve than A. If Mac prefers C to A, then C would be on a higher indifference curve than A. And if Mac is indifferent between A and C, then they would be on the same indifference curve.<\/p>\n

In conclusion, B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A.<\/p>\n","protected":false},"excerpt":{"rendered":"

[amp_mcq option1=”A is on a higher indifference curve than B” option2=”B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A” option3=”If Mac prefers B to C, but does not care if he gets A or B, … <\/p>\n

Detailed SolutionWe have asked Mac to rank his preference between three market basket – A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-45427","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\nWe have asked Mac to rank his preference between three market basket - A, B and C. 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If Mac prefers B to C, but does not care if he gets A or B, then\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=”A is on a higher indifference curve than B” option2=”B is on a higher indifference curve than C, but it is not possible to determine whether C is on a higher, lower or same indifference curve than A” option3=”If Mac prefers B to C, but does not care if he gets A or B, ... Detailed SolutionWe have asked Mac to rank his preference between three market basket – A, B and C. If Mac prefers B to C, but does not care if he gets A or B, then\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/we-have-asked-mac-to-rank-his-preference-between-three-market-basket-a-b-and-c-if-mac-prefers-b-to-c-but-does-not-care-if-he-gets-a-or-b-then\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T21:57:52+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"We have asked Mac to rank his preference between three market basket - A, B and C. 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