Provide an Appropriate Response

question 28

Multiple Choice

Provide an appropriate response.
-In the algebraic equation of a line, the y-intercept is denoted by the letter ______.

• A)b
• B)m
• C)y
• D)x

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Definitions:

Indifference Curves

Graphical representations in microeconomics to illustrate different combinations of goods between which a consumer is indifferent.

Utility Function

A mathematical representation that ranks preferences or satisfaction levels consumers derive from different bundles of goods.

Perfect Substitutes

Products or goods that can replace each other perfectly with no loss of utility to the consumer.

Utility Function

A mathematical representation of a consumer's preference ranking over a set of goods or services, indicating satisfaction levels.