Which of the Following Is Not a Property of a Typical

question 472

Multiple Choice

Which of the following is not a property of a typical indifference curve?

• A)downward sloping
• B)bowed away from the origin
• C)does not intersect another indifference curve
• D)a higher one is preferred to a lower one

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Definitions:

Capital

The wealth, whether in money or other assets, owned or employed in business by an individual, firm, or country.

Labor

The human effort, both physical and mental, used in the production process to create goods and services.

Isocost Line

A graphical representation that shows all possible combinations of inputs that cost the same amount of money.

Isoquant

An isoquant is a curve that represents all the combinations of inputs that result in the production of a given level of output, illustrating the concept of production efficiency.