Asked by
Maanit Rohira
on Oct 27, 2024
Verified
The slope of a(n) _____ curve shows the rate at which two goods can be exchanged _____.
A) indifference;without changing the total budget
B) utility;without changing the total budget
C) indifference;without changing total utility
D) marginal utility;to increase the consumer's marginal utility
Indifference Curve
A chart that depicts various combinations of products that a consumer sees as equally desirable, illustrating their preferences.
Marginal Utility
The additional satisfaction or value derived from consuming one more unit of a good or service.
- Acquire knowledge on the basic notions of indifference curves and the way they portray the preferences of consumers.
- Explain and compute the marginal rate of substitution.
Verified Answer
SY
Learning Objectives
- Acquire knowledge on the basic notions of indifference curves and the way they portray the preferences of consumers.
- Explain and compute the marginal rate of substitution.