Fill in the missing words/ phrases: An indifference curve shows all possible combinations of _(3.1)_ _(3.2)_ _(3.3)_ increase the quantity of one good, the quantity of the other goods that will provide a consumer with the level of utility. Indifference curves are sloping to reflect the fact that, in order to good must decrease. The rate at which the consumer is willing to sacrifice some of one good to obtain more of the other good is called the _(3.4)_ A collection of indifference curves on the same set of axes is called a(n) _(3.5) Indifference curves that are further away from the origin reflect satisfaction. One of the properties of indifference curves is that _(3.6)__ amounts of can never _(3.7)__ each other. Perfect substitutes represent an extreme case in which the is no longer curved, but rather _(3.8) _ A consumer cannot just consider his/ her level of satisfaction when making decisions – hel she must indifference curve
Fill in the missing words/ phrases: An indifference curve shows all possible combinations of _(3.1)_ _(3.2)_ _(3.3)_ increase the quantity of one good, the quantity of the other goods that will provide a consumer with the level of utility. Indifference curves are sloping to reflect the fact that, in order to good must decrease. The rate at which the consumer is willing to sacrifice some of one good to obtain more of the other good is called the _(3.4)_ A collection of indifference curves on the same set of axes is called a(n) _(3.5) Indifference curves that are further away from the origin reflect satisfaction. One of the properties of indifference curves is that _(3.6)__ amounts of can never _(3.7)__ each other. Perfect substitutes represent an extreme case in which the is no longer curved, but rather _(3.8) _ A consumer cannot just consider his/ her level of satisfaction when making decisions – hel she must indifference curve
Chapter21: Demand: Consumer Choic
Section: Chapter Questions
Problem 1E
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