Define the indifference curve

Answer 1

An indifference curve is a graphical representation that shows all the combinations of goods or services that provide equal levels of satisfaction or utility to a consumer. These curves are used in microeconomics to illustrate consumer preferences and help analyze how individuals make choices between different goods or services. Each point on an indifference curve represents a combination of goods that provide the same level of utility, and higher indifference curves represent higher levels of satisfaction.