utility is _________ concept.
Social concept
Subjective/ Psychological concept
Political concept
Scientific concept
An___________ shows different combinations of two commodities, which give the consumer an equal satisfaction.
Indifference curve
Production possibility curve
Marginal utility
Isoquant
As the consumer has more units of a commodity, his total utility from the commodity is
Increases less than in proportion, reaches a maximum and then falls.
Increases less than in proportion and then falls
Increases more than in proportion and then reaches a maximum
Falls becomes zero and then negative
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utiity
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
Decreasing slope of indifference curve is explained by:-
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
Which theory assumes ordinality of utility?
Marginal utility theory
Both a and b
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
Indifference curves slope downwards to the
Right
Left
Origin
Parallel
