Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Both a and b
Production possibility curve
______ means using up of goods and services.
Consumption
Production
Distribution
Investment
A straight downward sloping indifference curve means.
MRS is constant
MRS is increasing
MRS is decreasing
MRS is zero
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
Necessaries, comforts and luxuries are
Classification of goods and services
Classification of wants
Classification of utility
Types of utility
Marginal utility falls to zero, when the total utility is
Increases
Maximum
Declines
Constant
Slope of Total utility is called
Marginal utility
Utility
Average utility
Total utility
In marginal utility theory, marginal utility of money is
Rising
Decreasing
Rises and the falls
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Marshallian Utility approach is ______ analysis.
Cardinal
Ordinal
None of these
