Correct option is D
The correct answer is (d) Utility.
Along an indifference curve, utility remains constant. An indifference curve represents all combinations of two goods that give a consumer the same level of satisfaction or utility. Therefore, the utility derived from the different combinations of goods on the curve remains the same.
- Price: Price is not constant along an indifference curve. It may change based on market conditions, but it is not a factor in the definition of an indifference curve.
- Technology: Technology is unrelated to the concept of an indifference curve, as it pertains to the production side of economics.
- Output: Output is not constant along an indifference curve, as it refers to the production of goods, whereas the indifference curve is about the consumption of goods.
Information booster :
- An indifference curve helps illustrate a consumer’s preferences between two goods, holding their overall utility constant.
- It is used to study consumer behavior, choice theory, and utility maximization in economics.
English
100 Questions
100 Marks
90 Mins
