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Economics explained
Category:
Behavioral economics
Indifference curve
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An indifference curve shows all the various combinations of two goods that give an equal amount of satisfaction or utility to a consumer.
Imagine that a supermarket is conducting a survey about the preferences of its customers. You are asked your views about various combinations of chocolate bars and sweet packets.
The important features of the indifference curves is that:
They are usually drawn convex to the origin
They are downward sloping
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