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QUESTION
True, False, Uncertain or Not enough information: A given budget constraint has only one indifference curve that is tangent for a specific set of...
True, False, Uncertain or Not enough information: A given budget constraint has only one indifference curve that is tangent for a specific set of prices. However, there may be numerous indifference curves that intersect the same budget constraint.
Explain in terms of relative prices, opportunity costs and the marginal rate of substitution.
