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Homework Help: Indifference curve - vertical

  1. Jan 25, 2012 #1
    1. The problem statement, all variables and given/known data

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

    2. Relevant equations
    There are several assumptions:

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

    3. The attempt at a solution

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

    Am I right?
     
  2. jcsd
  3. Jan 25, 2012 #2

    LCKurtz

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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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