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Concept of Indifference Curve
Indifference Map
Characteristics or Properties of Indifference Curve
Budget Line
Least Of Combinations
Marginal rate of Substitution (MRS)
Indifference Map:
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Indifference curve (IC) can be shown for any level of satisfaction. As such, several ICs can be shown for various levels of satisfaction. If a number of ICs are drawn in one graph, it is known as Indifference Map (Fig. 4).
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