Iso-utility curve is another name for ______ curve.
indifference
An indifference curve shows all combinations of two goods that give a consumer the same level of satisfaction (utility), so the consumer is indifferent among them.
Because utility is equal ("iso" means equal) at every point on the curve, it is also called an iso-utility curve or equal-satisfaction curve. It is downward sloping and convex to the origin because of the diminishing marginal rate of substitution.
A demand curve relates price to quantity demanded, a supply curve relates price to quantity supplied, and the Phillips curve relates inflation to unemployment; none of them is defined by equal utility.
Hence, the answer is indifference.
Which of the following is NOT an exception to the 'Law of Demand'?
Which of the following is NOT an exception to the 'Law of Demand'?
Suppose a firm increases all inputs by 50% and its output increases by 75%. What type of return to scale is this?
Name the principle that states that as production increases, the cost per unit decreases?
What is the term for the situation where demand exceeds supply in a market?
Consider the following statements about market equilibrium:
Statement I: In equilibrium, the quantity that all firms wish to sell equals the quantity all consumers want to buy.
Statement II: Excess supply exists when the market demand is greater than the market supply.
Which of the above statements is/are correct?
Which of the following best explains the Law of Diminishing Marginal Utility?
Consider the following two statements about types of economies:
Statement I: In a centrally planned economy, the government takes all major decisions regarding production, exchange, and consumption of goods and services.
Statement II: In a market economy, economic activities are restricted to physical marketplaces where buyers and sellers must interact face-to-face.
Which of the above statements is/are correct?
Which curve in microeconomics shows the relationship between price and quantity demanded?
Which of the following statement is correct?
I. Indifference curves are sloping from left to right.
II. Higher indifference curve gives a higher level of utility.
According to Ricardo what condition is necessary to make possible international trade between two countries?
Match List I with List II:
List- I Shape of revenue curve of the firm | List – II Market structure | ||
A. | Kinked revenue-curve | (I) | Monopolistic competition |
B. | Infinitely elastic straight line curve | (II) | Perfect competition |
C. | Relatively less elastic curve | (III) | Oligopoly |
D. | Relatively high elastic curve | (IV) | Monopoly. |
Marginal revenue of a firm is constant throughout under _________.
The cost curve which is a rectangular hyperbola is: