Consider the Utility Function U = Min (5x, 7y)

question 57

Multiple Choice

Consider the utility function U = min (5x, 7y) . The indifference curves for this utility function will be

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

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Definitions:

Abstract Thinking

The ability to think about objects, principles, and ideas that are not physically present.

Civility

The act of showing respect towards others and engaging in polite and socially acceptable behavior.

Demonstrating Power

The act of showing or exerting authority, control, or influence over others, often to assert dominance or achieve objectives.

Interaction

is the reciprocal action or influence between entities, leading to a continuous exchange of information or action.