Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
An___________ shows different combinations of two commodities, which give the consumer an equal satisfaction.
Indifference curve
Production possibility curve
Marginal utility
Isoquant
Indifference curves slope downwards to the
Right
Left
Origin
Parallel
______ means using up of goods and services.
Consumption
Production
Distribution
Investment
Single commodity consumption mode is
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
Slope of Total utility is called
Utility
Average utility
Total utility
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utility
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
Which theory assumes ordinality of utility?
Marginal utility theory
Both a and b
