Total utility and marginal utility are same when a consumer takes ________ of a commodity.
5th Unit
10th Unit
6th Unit
1st Unit
An indifference curve shows combinations of two goods that:
Could be available to the consumer in a given time period
Would provide the consumer with the same level of satisfaction
A consumer could buy with their given income
Could provide the consumer with similar levels of satisfaction
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
Decreasing slope of indifference curve is explained by
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
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
If consumption of the good is not continuous or there are varieties in the goods then which law with hold:
Law of diminishing marginal utility
Law of increasing marginal utility
Law of diminishing returns
Law of constant returns
Indifference mean:
x is preferred to y
y is preferred to x
x and y are equally preferred
x is not preferred
In Economics the term utility means
Sorrow
Enjoyment
Satisfaction
Development
Upward sloping demand curve can be explained by:
Marginal utility theory
Diminishing marginal utility
Indifference curve theory
Consumer theory
Attainable
Not attainable
Desirable and attainable
Desirable and not attainable
