Given below are two statements :
Statement 1: Monotonicity of preferences imply that between any two indifference curves, the bundles on the one which lies above are preferred to the bundles on the one which lies below.
Statement 2: Indifference map refers to graphical representation of a set of indifference curves.
Which statement/s are correct?

Both the statements are true

The correct answer is Option 1 : Both the statements are true

Statement 1: Monotonicity of preferences imply that between any two indifference curves, the bundles on the one which lies above are preferred to the bundles on the one which lies below. This is correct.

Monotonicity of preferences: This principle states that a consumer with monotonic preferences will always prefer a bundle with more of at least one good and no less of any other good, compared to a bundle with less or equal quantities.

Implication: If two indifference curves represent bundles with different levels of satisfaction, the one with a higher position on the graph (more good 1 on the y-axis for a given amount of good 2 on the x-axis) will have bundles that provide a higher level of satisfaction. Consequently, the consumer would prefer these bundles over those on the lower indifference curve.

Statement 2: Indifference map refers to graphical representation of a set of indifference curves. This is correct.