If a consumer is willing to pay Rs.20 for an apple and is able to buy it for Rs.15, then the consumer surplus is:
Rs.35
Rs.15
Rs.5
Rs.20
Upward sloping demand curve can be explained by:
Marginal utility theory
Diminishing marginal utility
Indifference curve theory
Consumer theory
Consumer's equilibrium is a situation in which a consumer can get _______ satisfaction from his current level of income.
Maximum
Minimum
No
Less
Total utility and marginal utility are same when a consumer takes ________ of a commodity.
5th Unit
10th Unit
6th Unit
1st Unit
In Economics the term utility means
Sorrow
Enjoyment
Satisfaction
Development
Decreasing slope of indifference curve is explained by
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
Point A is :
Attainable
Not attainable
Desirable and attainable
Desirable and not attainable
Indifference mean:
x is preferred to y
y is preferred to x
x and y are equally preferred
x is not preferred
Which of the following statements is NOT true of indifference curves?
They exhibit higher levels of utility as you move from the origin
They are convex to the origin
They are downward sloping
They could intersect
Scale of preference of a consumer is independent of:
Market Price
Scale of preference of other consumer
Income of the consumer
All of the above
