Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 1: Q. 1RQ. (page 9)

What point is preferred along an indifference curve?

Short Answer

Expert verified

All the points are equally preferred.

Step by step solution

01

Step 1. Meaning of indifference curve

Indifference curve shows a combination of two goods that gives a consumer equal satisfaction and utility.

02

Step 2.

All the points at indifference curve are equally preferred as they give same level of satisfaction and utility.So the consumer has no particular preference of combination.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Macroeconomics is an aggregate of what happens at the microeconomic level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro-level? Hint: Think about the behavior of crowds

Suppose, as an economist, you are asked to analyze an issue, unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?

Why would division of labor without trade not work?

A bank has deposits of \(400. It holds reserves of \)50. It has purchased government bonds worth \(70. It has made loans of \)500. Set up a T-account balance sheet for the bank, with assets and liabilities, and calculate the bank’s net worth.

What are three reasons to study economics?
See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free