Question

What is a group of many indifference curves called?

• A. Indifference bundle
• B. Indifference map
• C. Indifference diagram
• D. None of these

Hint:

An indifference map shows multiple indifference curves, each representing a different level of satisfaction for a consumer.

Answer 1

The Correct Option is B

Step 1: Understanding the concept of indifference curves.
Indifference curves represent different combinations of goods or services that provide a consumer with the same level of satisfaction or utility. These curves are used in microeconomics to study consumer preferences. A group of such curves collectively forms a visual representation of a consumer's preferences.

Step 2: Analyzing the options.
(A) Indifference bundle: This term refers to a set of goods that provide equal utility, but it is not the term for a group of indifference curves.
(B) Indifference map: Correct. An indifference map is a graphical representation of a series of indifference curves. It shows all the combinations of goods that give a consumer the same level of satisfaction.
(C) Indifference diagram: This term can refer to a graphical representation, but it is not the specific term used for a group of indifference curves.
(D) None of these: This option is incorrect, as the correct answer is (B) Indifference map.

Step 3: Conclusion.
A group of many indifference curves is called an Indifference map. Thus, the correct answer is (B) Indifference map.