When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
Marshallian Utility approach is ______ analysis.
Cardinal
Ordinal
Both a and b
None of these
Slope of Total utility is called
Marginal utility
Utility
Average utility
Total utility
When MRS is constant, X and Y are
Not related
Perfect substitutes
Perfect complements
Inferior goods.
Wants may be both
Competitive
Unlimited
Satiable
All the above
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
utility is _________ concept.
Social concept
Subjective/ Psychological concept
Political concept
Scientific concept
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
In marginal utility theory, marginal utility of money is
Rising
Decreasing
Rises and the falls
