A friend whom you are studying with for this class has drawn three sets of indifference curves.Explain what he has done wrong on each graph and what assumption of preferences is violated by each particular graph.
(a) (b) (c)
Definitions:
Balance Theory
A psychological theory proposing that individuals strive for consistency among their beliefs, attitudes, and sentiments.
Balance Theory
A psychological theory suggesting that people strive for harmony and consistency in their relationships, attitudes, and beliefs, avoiding imbalance or discord.
Cognitive Consistency
A model of social cognition in which people try to reduce inconsistency among their cognitions, because they find inconsistency unpleasant.
Balance Theory
A psychological theory that suggests individuals strive for a harmonious balance in their relationships and beliefs, avoiding inconsistency among their thoughts.
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