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What is the name given to the graph that shows all the combinations of two commodities that a consumer can afford at given
market prices and within the particular income level in economic terms?
Demand Curve
Isocost Line
Supply Curve
Budget Line
- Demand Curve: This graph represents the relationship between the quantity of a good consumers are willing and able to purchase at various prices, assuming other factors remain constant.
- Isocost Line: It shows all combinations of inputs (such as labor and capital) that have the same total cost, used in production analysis.
- Supply Curve: This graph depicts the relationship between the price of a good and the quantity that producers are willing and able to sell over a certain period.
- Budget Line: This graph illustrates all the combinations of two commodities that a consumer can afford, given market prices and their specific income level.
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