Equilibrium is the ________ position towards which the consumer would like to move
Optimal
In Optimal
Optional
Any of these
The law of diminishing marginal utility applicable to all cases except __________.
Apples
Mineral water
liquor consumption
Juice
Greater the need for a commodity ________ will be the utility.
Greater
lesser
greater or lesser
None of these
Mu1+ Mu2+ Mu3+ Mu4 ......... Mun is the formula for estimating ________.
Marginal utility
total utility
Managerial utility
The law of diminishing marginal utility is not applicable to __________.
Accumulation of assets
collection of stamps
collection of old coins
All of these
When the marginal utility is zero, the total utility is _______.
maximum
minimum
lowest
____________ provided a systematic explanation to theory of diminishing marginal utility.
Marshall
HH Gossen
Krugman
___________ theories explain the theory of consumer behavior in a market situation.
marginal utility theory
Indifference curve analysis
reveled preference
The Consumer maximizes his utility when he spends his income on different goods in such a way that the marginal utility of the last rupee spend on each commodity is ____________.
Equal
none of these
Utility does not posses
Subjectivity
relativity
measurability
Abstract
