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Concept
Indifference Curve
An
indifference curve
represents a
graph showing different combinations of two goods
that provide
equal satisfaction and utility
to a consumer. The curve illustrates
consumer preferences
, where higher curves represent
higher levels of utility
, and they are always
downward sloping
and
convex to the origin
due to the assumption of
diminishing marginal rate of substitution
.
Relevant Fields:
Economic Theory and Concepts 70%
Operational Research 30%
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