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When indifference curve is L – shaped then two goods will be _____
- a)Complimentary goods
- b)Substitute goods
- c)Perfect substitute goods
- d)Perfect complimentary goods
Correct answer is option 'D'. Can you explain this answer?
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When indifference curve is L – shaped then two goods will be ___...
An indifference curve is the curve at every point of which the utility would remain same. The indifference curve of perfect complementary goods is 'L' shaped. ... This is because the utility of Left shoe would be zero without a Right shoe and vice versa.
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When indifference curve is L – shaped then two goods will be ___...
The term "L" is not typically used in the context of indifference curves. Indifference curves are graphical representations of different combinations of two goods that yield the same level of satisfaction or utility to an individual. They are usually represented as downward-sloping curves on a graph, with the goods plotted on the axes.
The shape and position of the indifference curves depend on the individual's preferences and the assumptions of the model being used. The curves are typically convex to the origin, indicating diminishing marginal rate of substitution between the goods.
If you have any specific question or information related to indifference curves, please provide more details so I can assist you further.
The shape and position of the indifference curves depend on the individual's preferences and the assumptions of the model being used. The curves are typically convex to the origin, indicating diminishing marginal rate of substitution between the goods.
If you have any specific question or information related to indifference curves, please provide more details so I can assist you further.
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When indifference curve is L – shaped then two goods will be ___...
D. (but I can't explain)
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When indifference curve is L – shaped then two goods will be _____a)Complimentary goodsb)Substitute goodsc)Perfect substitute goodsd)Perfect complimentary goodsCorrect answer is option 'D'. Can you explain this answer?
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