Q1287
In the case consumers equilibrium to be explained through an ordinal approach, when there are two commodities with their prices given and with limited income of the consumer, the following information is required: I. Price line/budget line II. Indifference map III. Point of tangency between IC and budget line IV. Equality of the slopes of IC and budget line Arrange the information required in the correct sequence and choose the right option from those below
A.
II, IV, I, III
B.
II, I, IV, III
AnswerC.
I, IV, II, III
D.
I, II, III, IV
Answer: Option B
Solution
Answer: Option B
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