‘What is Indifference Curve ? State three properties of indifference curves.

ANSWER: A indifference curve is a curve showing all the possible combinations of two goods that give a consumer equal satisfaction and utility.

Properties of indifference curve are as follows:

  • indifference curve are downward sloping.
  • Two indifference curve can never intersect each other.
  • indifference curve are convex to point of origin.

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