An indifference map shows
A. A set of budget constraints and one indifference curve.
B. A set of indifference curves.
C. One indifference curve.
D. A set of indifference curves and a set of budget constraints.
Answer: B
Economics
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A cost that arises from the production or consumption that falls on someone other than the producer or consumer is called
A) a negative benefit. B) a public choice impact. C) a positive externality. D) a negative externality. E) a private good.
Economics
The long-run equilibrium of monopolistic competition is characterized by
A) P = MC = ATC. B) P = MC > ATC. C) P = MR = MC. D) P = ATC > MC.
Economics