Single commodity consumption mode is
Production possibility curve
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
When MRS is constant, X and Y are
Not related
Perfect substitutes
Perfect complements
Inferior goods.
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
In marginal utility theory, marginal utility of money is
Rising
Decreasing
Rises and the falls
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
As the consumer has more units of a commodity, his total utility from the commodity is
Increases less than in proportion, reaches a maximum and then falls.
Increases less than in proportion and then falls
Increases more than in proportion and then reaches a maximum
Falls becomes zero and then negative
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
An___________ shows different combinations of two commodities, which give the consumer an equal satisfaction.
Indifference curve
Marginal utility
Isoquant
Wants may be both
Competitive
Unlimited
Satiable
All the above
Indifference curves slope downwards to the
Right
Left
Origin
Parallel
