Which of the following statements accurately describes typical indifference curves?
a. The slope of an indifference curve indicates the marginal rate of transformation.
b. Indifference curves represent the constraints that individuals face in their decision-making process.
c. An indifference curve traces combinations of production inputs which yields the same level of production cost.
d. Further away from the origin an indifference curve is located, the higher level of utility it represents. e. Indifference curves are down-sloping due to the diminishing average product.
