Word Count : 541

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An indifference curve is a graphical representation of different combinations of two goods that provide the consumer with the same level of satisfaction or utility. In other words, a consumer remains indifferent between any two combinations lying on the same curve because each combination yields equal satisfaction. Indifference curves are an important tool in microeconomics for analyzing consumer preferences and choices without requiring the measurement of utility in numerical terms. The concept of the indifference curve is based on several key assumptions. First, it assumes that consumers are rational, meaning they aim to maximize their satisfaction given their budget constraints. Second, it assumes that the preferences of consumers are complete; that is, a consumer can rank all possible bundles of goods in terms of preference. Third, it assumes transitivity of preferences, meaning if a consumer _______ ___ _______ __________ _______ _________ ________.
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