1. An indifference curve is defined as a set of bundles that a consumer with a given income can afford, and among which she or he is indifferent. 2. More is preferred to less means that if the total ...

For any two occurrences A and B, you will either prefer A to B, or prefer B to A, or be indifferent between them? If you prefer A to B and B to C, then you'll prefer A to C? If you're indifferent ...