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Definition of Indifference Curve

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Definition: An indifference curve is represented for example on a graph whose horizontal and vertical axes are quantities of goods an individual might consume, an indifference curve represents a contour along which utility for that individual is constant. The indifference curve represents a set of possible consumption bundles between which the individual is indifferent. Normally, with desirable goods on both axes (say, income today and income tomorrow) the curve has a certain shape, further from the origin when both quantities are positive than when one is zero. (Econterms)

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