Which of the Following Is a Property of Indifference Curves

question 35

Multiple Choice

Which of the following is a property of indifference curves?

• A) indifference curves have positive slopes
• B) indifference curves that cross are helpful in explaining differences in consumption choices
• C) indifference curves are usually bowed in toward the origin
• D) indifference curves are always linear and downward-sloping

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Definitions:

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs produced to inputs used.

Hourly Wage

The hourly wage an employee receives for their work.

Equilibrium Purchase Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers.