GENERAL KNOWLEDGE

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GK

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A graph containing a set of indefference curves showing the market basket among which a consumer is indefferent is called
A
1.indeffrence map
B
2.indefference curve
C
3. both 1 & 2
D
4.none of the above
Explanation: 

Detailed explanation-1: -An indifference map is a set of indifference curves that describes a person’s preferences for all combinations of two commodities. Each indifference curve in the map shows the market baskets among which the person is indifferent.

Detailed explanation-2: -Indifference Map refers to a set of indifference curves placed together in a diagram.

Detailed explanation-3: -Iso-utility curve is another name for indifference curve.

Detailed explanation-4: -An indifference curve shows a combination of two goods in various quantities that provides equal satisfaction (utility) to an individual. It is used in economics to describe the point where individuals have no particular preference for either one good or another based on their relative quantities.

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