Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utiity
______ means using up of goods and services.
Consumption
Production
Distribution
Investment
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
Production possibility curve
Marshallian Utility approach is ______ analysis.
Cardinal
Ordinal
None of these
An___________ shows different combinations of two commodities, which give the consumer an equal satisfaction.
Marginal utility
Isoquant
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
In marginal utility theory, we assume other things are
Changing
Change in the longrun
Change in the shortrun
Wants may be both
Competitive
Unlimited
Satiable
All the above
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
