. If indifference curves are concave to the origin. which assumption on preferences is violated? (a) Diminishing marginal rates of substitution. (b) Transitivity of preferences. (c) More is preferred to less. ((1) Completeness. . Initially your annual income is 500K HKD and your consumption is m'. Now a serious inflation happens in the economy, such that both your income and all prices become tripled. All other things are unchanged. As a well-trained graduate student in economics, what will be your optimal consumption after the ination? (a) 1" (h) 21' (c) 31" (d) 41' . A monopolist has set her level of output to maximize prot. The rm's marginal cost is constant at $30, and the price elasticity of demand is -4.0. The rm's prot maximizing price is approximately: (a) $0 (b) $20 (c) $40 (d) $10 (9.) This problem cannot be answered without knowing the marginal cost