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Question
Match the following terms and their related phrases:
Match the following terms and their related phrases:
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Solution
(i) A set of ICs is called an Indifference Map.
(ii) The slope of an IC is the MRS.
(iii) The idea of monotonicity is "more is better".
(iv) The budget line is the locus of all possible combinations of goods a consumer can buy if he spends all his income.
(ii) The slope of an IC is the MRS.
(iii) The idea of monotonicity is "more is better".
(iv) The budget line is the locus of all possible combinations of goods a consumer can buy if he spends all his income.
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