Attainable
Not attainable
Desirable and attainable
Desirable and not attainable
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
A consumer can get maximum satisfaction where the _________ are same.
Total utility and Marginal utility
Price of a commodity and Marginal utility
Price of a commodity and Total utility
Marginal Utility
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
Indifference mean:
x is preferred to y
y is preferred to x
x and y are equally preferred
x is not preferred
When MRS is constant x and y are :
Not related
Perfect Substitutes
Perfect Complements
Inferior Goods
Decreasing slope of indifference curve is explained by
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
Upward sloping demand curve can be explained by:
Marginal utility theory
Diminishing marginal utility
Indifference curve theory
Consumer theory
In Economics the term utility means
Sorrow
Enjoyment
Satisfaction
Development
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
