BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A graph containing a set of indefference curves showing the market basket among which a consumer is indefferent is called
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1.indeffrence map
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2.indefference curve
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3. both 1 & 2
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4.none of the above
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Explanation:
Detailed explanation-1: -Indifference Map refers to a set of indifference curves placed together in a diagram.
Detailed explanation-2: -The Indifference Map refers to a set of Indifference Curves that reflects an understanding and gives an entire view of a consumer’s choices.
Detailed explanation-3: -Now, we want to represent their preferences on the same diagram. An indifference curve maps the consumption bundles that the consumer views as equal. The consumer is equally as happy to consume at any point along the indifference curve. Consider Figure 3.2a, where several possible consumption points are laid out.
Detailed explanation-4: -Indifference curves for normal goods, substitutes and perfect complements.
There is 1 question to complete.