In marginal utility theory, marginal utility of money is
Rising
Constant
Decreasing
Rises and the falls
In marginal utility theory, we assume other things are
Changing
Change in the longrun
Change in the shortrun
______ means using up of goods and services.
Consumption
Production
Distribution
Investment
utility is _________ concept.
Social concept
Subjective/ Psychological concept
Political concept
Scientific concept
When MRS is constant, X and Y are
Not related
Perfect substitutes
Perfect complements
Inferior goods.
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
Production possibility curve
An indifference curves is _____ to the origin.
Convex
Concave
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
Slope of Total utility is called
Marginal utility
Utility
Average utility
Total utility
