Indifference curves slope downwards to the
Right
Left
Origin
Parallel
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
Production possibility curve
Decreasing slope of indifference curve is explained by:-
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
Slope of Total utility is called
Marginal utility
Utility
Average utility
Total utility
An indifference curves is _____ to the origin.
Convex
Concave
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
