Question 31
POST_UTME_LAUTECH
•
2021
•
ECONOMICS
•
objective
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of one good. Which of the following statements about indifference curves is correct?
Answer Options
Correct Answer
A.
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of one good.
B.
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of both goods.
C.
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of neither good.
D.
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of one good, but not the other.
Correct Answer
A
Correct Option:
An indifference curve is a graphical representation of the various combinations of two goods that a consumer is equally willing to give up in order to have more of one good.
About This Question
This is
Post Utme Lautech
2021
Economics
Question 31.
It is one of the
objective
questions from the
2021
Post Utme Lautech
Economics
examination.