Define indifference curve and its main characteristics
Answers
Answered by
3
Answer:
An indifference curve is a graphical representation of a combined products that gives similar kind of satisfaction to a consumer thereby making them indifferent. Every point on the indifference curve shows that an individual or a consumer is indifferent between the two products as it gives him the same kind of utility.
Answered by
12
Answer:
hiii
Follow me
Explanation:
There are four important properties of indifference curves that describe most of them: (1) They are downward sloping, (2) higher indifference curves are preferred to lower ones, (3) they cannot intersect, and (4) indifference curves are convex (i.e. bowed inward).
Similar questions
Math,
5 months ago
Math,
5 months ago
French,
9 months ago
Physics,
1 year ago
CBSE BOARD X,
1 year ago