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Author Question: Define the following terms: a) Indifference curve b) Utility[br][br][b][color=#347235]Question ... (Read 14 times)

Caiter2013

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on: Jun 29, 2018
Define the following terms:
 
  a) Indifference curve
  b) Utility

Question 2

Which of the following markets is an example of an oligopoly?
 
  A) The market for premium apparels
  B) The market for books
  C) The market for video games
  D) The market for wheat


wtf444

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Reply #1 on: Jun 29, 2018
Answer to Question 1

a) An indifference curve is a graph that shows all bundles of goods and services that provide an equal level of satisfaction for the consumer.
b) Utility refers to a measure of satisfaction or happiness that a consumer receives from consuming a good or service.

Answer to Question 2

A


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