indifference curve

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indifference curve

in economics, graph showing various combinations of two things (usually consumer goods) that yield equal satisfaction or utility to an individual. Developed by the Irish-born British economist Francis Y. Edgeworth, it is widely used as an analytical tool in the study of consumer behaviour, particularly as related to consumer demand. It is also utilized in welfare economics, a field that focuses on the effect of different actions on individual and general well-being.

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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