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| 1. |
Define indifference curve. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :An indifference curve is a graph showing combination of two goods that give the consumer equal <a href="https://interviewquestions.tuteehub.com/tag/satisfaction-1195186" style="font-weight:bold;" target="_blank" title="Click to know more about SATISFACTION">SATISFACTION</a> and utility. Each point on an indifference curve <a href="https://interviewquestions.tuteehub.com/tag/indicates-1041501" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATES">INDICATES</a> that a consumer is <a href="https://interviewquestions.tuteehub.com/tag/indifferent-2129617" style="font-weight:bold;" target="_blank" title="Click to know more about INDIFFERENT">INDIFFERENT</a> between the two and all points give him the same utility.</body></html> | |