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Assume that an individual's utility level(U) is a function of two goods: real income (Y) and leisure time (L) as in the simple neoclassical model of labor supply: U=U(Y,L). Which of the following best characterizes an indifference curve that represents the various combinations of Y and L for a given level of utility?

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Assume that an individual's utility level(U) is a function of two goods: real income (Y) and leisure time (L) as in the simple neoclassical model of labor supply: U=U(Y,L). Which of the following best characterizes an indifference curve that represents the various combinations of Y and L for a given level of utility?





 
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