True or false questions on concepts of utility

Reference no: EM1317067

1. If the price of a good decreases, the substitution effect shows the increase in the quantity of the good demanded, holding income constant.

True
False

2. If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog, but is indifferent between a Big Mac and a Quarter Pounder he must prefer a Quarter Pounder to a hotdog.

True
False

3. Along an indifference curve the price ratio is constant.

True
False

Reference no: EM1317067

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