Assumption of Diminishing Marginal Rate of Substitution in Indifference Curves

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The discussion centers on the assumptions necessary to exclude vertical or horizontal indifference curves, particularly focusing on the assumption of diminishing marginal rates of substitution. Key assumptions include completeness, reflexivity, transitivity, continuity, strong monotonicity, and diminishing marginal rates of substitution. The participant expresses uncertainty but believes that the assumption of diminishing marginal rates of substitution is indeed the correct answer. They acknowledge their limited experience with indifference curves prior to this discussion. Understanding these assumptions is crucial for analyzing consumer preferences in economics.
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Homework Statement



What assumptions do we make to rule out vertical or horizontal indifference curves when slope is zero?

Homework Equations


There are several assumptions:

completeness
reflexivity
transitivity
being continuous
strong monotonicity
diminishing marginal rates of substitution

The Attempt at a Solution



I believe that this is the assumption of diminishing marginal rate of substitution.

Am I right?
 
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My experience with indifference curves consists of what I just read in the last 5 minutes, since I had never heard the term before. And, having read the definitions of the properties you list I think yes, you are correct.
 

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