Refer to the Diagram, in Which the Downsloping Lines Are

question 64

Multiple Choice

Refer to the diagram, in which the downsloping lines are budget lines and I₁, I₂, and I₃ comprise an indifference map. The combinations of products M and N indicated by points 1, 3, and 5 are such that

• A)all three imply the same level of utility.
• B)1 and 5 imply a higher level of utility than does 3.
• C)3 implies a higher level of utility than does 1 or 5.
• D)the person is indifferent among the three combinations.

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