All of the Following Are Characteristics of an Indifference Map

question 15

Multiple Choice

All of the following are characteristics of an indifference map except

• A) moving northeast to a new, higher indifference curve will increase utility.
• B) points on the same indifference curve yield equal utility.
• C) the axes represent levels of utility for each of the goods.
• D) indifference curves cannot cross.

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Definitions:

Payee

The individual or entity to whom a check, draft, or note is made payable.

Certified Check

is a check for which the issuing bank guarantees availability of funds by verifying the account's balance and then setting aside the check amount.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of a personal account, and signed by a cashier.

Drawer's Liability

Refers to the obligation of the drawer (the person who writes a cheque or draft) to ensure the availability of funds in the account for the amount specified for payment to the payee.