Define indifference curve.
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Indifference curve is a diagrammatic representation that shows different combinations of two goods where each offers equal level of satisfaction to the consumer.
- Since the various combinations provide the same utility the consumer is indifferent to them hence the term Indifference Curve.
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Explanation:
a curve on a graph (the axes of which represent quantities of two commodities) linking those combinations of quantities which the consumer regards as of equal value.
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