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प्रश्न
Define an indifference curve.
What is Indifference Curve?
परिभाषा
लघु उत्तरीय
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उत्तर
Definition: An indifference curve shows all the possible combinations of two goods that provide a consumer with the same level of satisfaction or utility.
Characteristics:
- Downward sloping (negative slope)
- Convex to the origin (reflecting diminishing marginal rate of substitution)
- Do not intersect each other
Example: If a consumer is equally satisfied with 3 apples and 2 bananas or 2 apples and 3 bananas, these points will lie on the same indifference curve.
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