JAMB - Economics (2016 - No. 21)
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
An indifference curve
An exceptional demand curve
A budget line
An isoquant map
Spiegazione
An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.