What Is an Indifference Curve

question 67

Multiple Choice

What is an indifference curve?

• A)It is a curve that shows the total utility and the marginal utility derived from consuming a bundle of goods.
• B)It is a curve that shows the combinations of consumption bundles that give the consumer the same utility.
• C)It is a curve that ranks a consumer's preference for various consumption bundles.
• D)It is a curve that shows the tradeoff a consumer faces among different combinations of consumption bundles.

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Definitions:

Concrete Operational

A stage in Piaget's theory of cognitive development, from about 7 to 11 years of age, where children can use logic to solve problems but still struggle with abstract and hypothetical concepts.

Piaget's Stages

the theory proposed by Jean Piaget that outlines the four stages of cognitive development in children: sensorimotor, preoperational, concrete operational, and formal operational.

Conservation

A cognitive ability, identified by Piaget, that enables a child to understand that substances remain the same in quantity even when their shapes change.

Development

The process of change and growth through which an individual or entity progresses by gaining physical, mental, or societal qualities over time.