Utility is a ________.
Moral concept
Objective concept
neutral concept
Subjective concept.
When the marginal utility is zero, the total utility is _______.
maximum
minimum
lowest
Any of these
The adding up the marginal utility of all units of a commodity is known as ________.
Marginal utility
managerial utility
Total utility
None of these
concave shape of the total utility curve suggests that ___________ slope of the curve.
Increasing
decreasing
Constant
Utility has more relevance is _________.
Absolute sense
relative sense
Absolute or relative sense
When quantity of the goods consumed increases, the slope of the curve __________.
Increases fastly
Decreases fastly
Remain constant
When a person consumes a good, the marginal utility he gets from the successive units would decline. This theory is known as __________.
Law of demand
law of equi-marginal utility
Law of diminishing marginal utility
The sum of satisfaction a person derives from consuming a commodity is _______.
average utility
total utility
some utility
After successive units of consumption, total utility would _________.
Increases
decreases
Reaches maximum
Starts declining
