What are the three properties of Indifference Curves.
What Is the Shape of the Marginal Utility Curve?
What causes changes in market equilibrium?
Q. Given the consumer's indifference map, the consumer will try to reach:
- Lowest indifference curve
- Middle indifference curve
- Highest indifference curve
- None of the above
Q. Indifference curves intersect Y-Axis.
Q. Indifference curves do not touch X-Axis.
Q. The basic concept of indifference curve analysis is _______.
- marginal Rate of substitution
- marginal Rate of technical substitution
- diminishing marginal utility
- increasing marginal Utility
Q. Higher indifference curve imply ________.
- lower level of satisfaction
- higher level satisfaction
- higher cost of production
- lower cost of production