Wants may be both
Competitive
Unlimited
Satiable
All the above
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
When tax is raised, a consumer surplus:
Falls
Rises
Remain unchanged
Becomes zero
______ means using up of goods and services.
Consumption
Production
Distribution
Investment
In marginal utility theory, marginal utility of money is
Rising
Constant
Decreasing
Rises and the falls
Marshallian Utility approach is ______ analysis.
Cardinal
Ordinal
Both a and b
None of these
In marginal utility theory, we assume other things are
Changing
Change in the longrun
Change in the shortrun
Which theory assumes ordinality of utility?
Indifference curve
Marginal utility theory
Production possibility curve
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
Slope of Total utility is called
Marginal utility
Utility
Average utility
Total utility
