Tastes of individuals are represented by
A) indifference curves.
B) production possibility frontiers.
C) isovalue lines.
D) production functions.
E) the terms of trade.

Question

Quizplus · Accepted Answer

Indifference curves are graphical representations of the various combinations of two goods that yield the same level of utility or satisfaction to an individual. They represent the tastes or preferences of individuals, as each person's preferences determine the combinations of goods that they consider equally desirable.

Tastes of Individuals Are Represented by