What do you mean by monotonic preferences?

1.	What do you mean by monotonic preferences?
Answer» When the consumer always prefers more of the product which gives him higher level of satisfaction it is called monotonic preferences. That is, an increase in the amount of good 1 along the indifference curve is associated with a decrease in the amount of good 2. This implies that the slope of the indifference curve is downward. Here, the consumer will not remain indifferent between two combination of commodities when he has an opportunity to have more quantity in one combination than the other.

Answer»

When the consumer always prefers more of the product which gives him higher level of satisfaction it is called monotonic preferences. That is, an increase in the amount of good 1 along the indifference curve is associated with a decrease in the amount of good 2. This implies that the slope of the indifference curve is downward.

Here, the consumer will not remain indifferent between two combination of commodities when he has an opportunity to have more quantity in one combination than the other.

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