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Indifference Curves and the Budget Constraints: True, False, Uncertain or Not enough information: A given budget constraint has only one indifference curve thatis tangent for
Indifference Curves and the Budget Constraints:
True, False, Uncertain or Not enough information:
A given budget constraint has only one indifference curve thatis tangent for a specific set of prices however, there may benumerous indifference curves that intersect the same budgetconstraint.
Explain in terms of relative prices, opportunity cost andmarginal rate of substitution.
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