A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
Indifference curves slope downwards to the
Right
Left
Origin
Parallel
Decreasing slope of indifference curve is explained by:-
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
An indifference curves is _____ to the origin.
Convex
Concave
Constant
Marshallian Utility approach is ______ analysis.
Cardinal
Ordinal
Both a and b
None of these
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Production possibility curve
Wants may be both
Competitive
Unlimited
Satiable
All the above
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
utility is _________ concept.
Social concept
Subjective/ Psychological concept
Political concept
Scientific concept
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
