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Parker Foley
on Dec 05, 2024

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A _____ can be generated from indifference curves by changing _____.

A) supply curve;the price of both goods simultaneously
B) demand curve;the price of one good
C) demand curve;income
D) budget line;utility

Indifference Curves

Graphical representations showing combinations of goods or services that give a consumer equal satisfaction and utility.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of it that consumers are willing to purchase at different prices.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity supplied.

  • Appraise the effect of income and substitution on the determination and demand of consumers.
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JP
Janki PatelDec 09, 2024
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