An indifference curve shows combinations of goods yielding the same satisfaction level, sloping downward and being convex. The marginal rate of substitution measures the trade-off rate between goods.
Indifference curves represent combinations of goods that yield the same level of satisfaction to the consumer. They are typically downward sloping and convex, indicating that consumers prefer higher and to the right curves. The marginal rate of substitution (MRS) defines the slope of an indifference curve and represents the rate at which a person is willing to trade one good for another while maintaining constant utility.
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