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a) Discuss what you understand by the term consumer sovereignty and outlining its limitations. b) (i) Define an indifference curve (6 marks) (2 marks)
a) Discuss what you understand by the term "consumer sovereignty" and outlining its limitations. b) (i) Define an indifference curve (6 marks) (2 marks) (ii)Illustrate and clearly explain the nature of indifference curves for perfect substitutes and for complementary goods (4 marks) (iii) Explain the property of convexity to the origin of an indifference curve
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a Consumer sovereignty refers to the concept that consumers have the ultimate power and control over what goods and services are produced in an economy It emphasizes the idea that consumer preferences ...
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Communicating as professionals
Authors: Raymond Archee, Myra Gurney, Terry Mohan
3rd edition
170214974, 978-0170214971
