Final answer:
The incorrect characteristic mentioned for indifference curves is that they are 'concave to the origin'; instead, they are convex due to diminishing marginal substitution rates.
Step-by-step explanation:
The correct answer is option c) being concave to the origin. Indifference curves represent a graph of combinations of two goods that give the same level of satisfaction to the consumer.
They indeed exhibit the characteristics of having negative slopes and not intersecting, ensuring that each combination along the curve provides the same level of utility. However, contrary to option C, they are convex to the origin due to the principle of diminishing marginal rate of substitution,
which implies that as a consumer substitutes one good for another, the amount they are willing to give up becomes less.
In other words, indifference curves are generally steeper on the left, reflecting a higher marginal rate of substitution when the quantity of one good is low, and flatter on the right, indicating a lower marginal rate of substitution when the quantity is higher.
Indifference curves are graphs that represent different combinations of two goods that provide the same level of utility to a consumer.
They have several characteristics, including: having negative slopes (downward sloping from left to right), representing bundles with the same level of utility, and being concave to the origin.
However, indifference curves do not intersect because each curve represents a different level of utility.