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\documentclass[12pt,a4paper]{article}
\usepackage[latin1]{inputenc}
\usepackage{tikz}
\usepackage{pgfplots}
\usepackage{float}
\begin{document}
\begin{figure}[H]
\centering
\caption{Indifference Curves Illustrate Levels of Utility}
\bigskip
\begin{tikzpicture}[scale=1.2]
% x and y axis
\draw [->] (0,0) node [below] {0} -- (0,0) -- (5.5,0) node [below] {units of $x$};
\draw [->] (0,0) node [below] {0} -- (0,0) -- (0,5.5) node [above] {units of $y$};
% Indifference Curves
\draw (0.3,5) to [out=280,in=175] (5.5,0.5) node[right]{$IC_{1}$};
\draw (1,5) to [out=280,in=175] (5.5,1.2) node[right]{$IC_{2}$};
\draw (1.6,5) to [out=280,in=175] (5.5,1.8) node[right]{$IC_{3}$};
% Bundles
\node[] at (2.7,1.45) {\footnotesize $\bullet A$};
\node[] at (1.15,3.05) {\footnotesize $\bullet B$};
\node[] at (2.48,2.48) {\footnotesize $\bullet C$};
\node[] at (4,4) {$U_{3} > U_{2} > U_{1}$};
\end{tikzpicture}
\end{figure}
\end{document}