Consider the Utility Function $\mathrm { U } = \min ( 5 \mathrm { x } , 7 \mathrm { y } )$

question 69

Multiple Choice

Consider the utility function $\mathrm { U } = \min ( 5 \mathrm { x } , 7 \mathrm { y } )$ .The indifference curves for this utility function will be:

• A)vertical
• B)horizontal
• C)upward sloping
• D)L-shaped

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Definitions:

Empirical Reasoning

A method of thought that involves making conclusions based on observed and verified evidence.

Ideological Reasoning

The process of thinking that is heavily influenced by a predetermined set of beliefs or ideology.

Economic Growth

An increase in the production of goods and services over a specific period, often measured by GDP.

Ideological Reasoning

Reasoning guided by a set of beliefs or a specific ideology rather than empirical evidence or logical analysis.