Indifference curves are convex to the origin due to diminishing marginal rates of substitution.
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Q30: Graphically, the consumer maximizes total utility where
Q31: It is possible for a consumer's indifference
Q32: The substitution effect of a price decrease
Q33: In moving northeasterly from the origin, we
Q34: Indifference analysis assumes that utility is numerically
Q36: If consumers are convinced by ads that
Q37: A rational consumer will try to achieve
Q38: The budget line shows all the combinations
Q39: In drawing a particular budget line, money
Q40: Indifference curves are linear, and budget lines
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