Answered: Explain why indifference curvesa. are…

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Economics

Explain why indifference curvesa. are downward sloping.b. are convex to the origin.c. do not cross.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterE: Budget Constraint And Indifference Curve Analysis

Section: Chapter Questions

Problem 2QP

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Question

Explain why indifference curves
a. are downward sloping.
b. are convex to the origin.
c. do not cross.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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