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The figure shows that two indifference curves representing different utility levels intersect. Then a consumer is indifferent between bundle A and B as they are
The figure shows that two indifference curves representing different utility levels intersect. Then a consumer is indifferent between bundle A and B as they are on the same indifference curve. Likewise, a consumer is also indifferent between bundle B and C. However, a consumer is not indifferent between A and C as they are on differentICs. This violates transitivity
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Managerial economics applications strategy and tactics
Authors: James r. mcguigan, R. Charles Moyer, frederick h. deb harris
12th Edition
9781133008071, 1439079234, 1133008070, 978-1439079232
