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Answer to Question #73180 in Microeconomics for PAMELA

Question #73180
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis. . .
1. reflect a preference pattern that generally values housing high, relative to food
2. imply that food has a higher relative value compared to housing for the consumer
3. say nothing relating to how the consumer feels about two goods until a budget line is introduced
4.mean that the two goods are perfect substitutes
Expert's answer
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis reflect a preference pattern that generally values housing high, relative to food.
So, the correct answer is 1.

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