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FAQs on Indifference Curve - Microeconomics - Economics Class 11 - Commerce
| 1. What is an indifference curve in microeconomics? |  |
Ans. An indifference curve in microeconomics represents a graphical representation of different combinations of two goods that provide the same level of satisfaction or utility to a consumer. It shows all the possible combinations of goods that the consumer considers equally preferable.
| 2. How is an indifference curve constructed? | |
Ans. An indifference curve is constructed by plotting different combinations of two goods on a graph, with one good on the x-axis and the other on the y-axis. Each point on the curve represents a different combination of the two goods that gives the consumer the same level of satisfaction.
| 3. What does the shape of an indifference curve indicate? | |
Ans. The shape of an indifference curve indicates the consumer's preference for different combinations of goods. If the curve is convex to the origin, it implies that the consumer exhibits diminishing marginal rate of substitution, meaning they are willing to give up less of one good to obtain more of the other as they move along the curve.
| 4. How do indifference curves relate to consumer choice? | |
Ans. Indifference curves help in understanding consumer choice by providing information about the trade-offs and preferences of consumers. Consumers generally prefer to be on higher indifference curves, as these represent combinations of goods that provide higher levels of satisfaction.
| 5. Can indifference curves intersect each other? | |
Ans. No, indifference curves cannot intersect each other. If they were to intersect, it would imply that the consumer is equally satisfied with two different combinations of goods, which contradicts the concept of indifference curves. Indifference curves are always downward sloping and do not intersect.
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