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An indifference curve is a curve that represents different combinations of two goods which provide the consumer with the same level of satisfaction or utility. Since all combinations on the same indifference curve are equally preferred, the consumer is indifferent among them. For example, a consumer may obtain the same satisfaction from different combinations of apples and oranges. These combinations can be represented by points on an indifference curve. The concept of indifference curves is an important tool in the analysis of consumer behaviour and helps explain consumer choice without measuring utility in absolute terms. The indifference curve approach is based on several important assumptions regarding consumer behaviour and preferences. First, it is assumed that the consumer is rational. A rational consumer has clearly ________ _________ _____ _______ _____.
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