Answer to Question #249301 in Microeconomics for Devang Kumar

Question

Define Monotonic Preferences?

Answer 1

The monotonic preferences refers to the greater consumption of the commodity which always offers the greater level of satisfaction.

With the help of the below graph, we are going to understand the the monotonic preferences.

1. When the preferences of the consumer is convex then the average is always preferred to bundles.

2. Here, in the below graph, we can see that the consumer preferences are increasing it means consumer always prefer more of goods.