Answer to Question #73180 in Microeconomics for PAMELA

Question

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

Answer 1

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.