Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
Production possibility curve
In marginal utility theory, marginal utility of money is
Rising
Constant
Decreasing
Rises and the falls
Wants may be both
Competitive
Unlimited
Satiable
All the above
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utiity
Decreasing slope of indifference curve is explained by:-
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
When MRS is constant, X and Y are
Not related
Perfect substitutes
Perfect complements
Inferior goods.
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
In marginal utility theory, we assume other things are
Changing
Change in the longrun
Change in the shortrun
