Indifference curves are generally downward sloping and concave to the origin.
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Q5: Marginal utility is computed by dividing total
Q6: Economists use the term utility to mean
Q7: When people treat some dollars differently than
Q8: The absolute value of the slope of
Q9: Consumer equilibrium occurs at the point where
Q11: Marginal utility is always a positive number.
Q12: Economists David Zizzo and Andrew Oswald found
Q13: An indifference curve shows all the combinations
Q14: Economists assume that the goal of consumers
Q15: It is possible for total utility to
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