Single commodity consumption mode is
Production possibility curve
Law of equi-marginal utility
Law of supply
Law of diminishing marginal utility
Indifference curves slope downwards to the
Right
Left
Origin
Parallel
Consumer surplus is
Potential price- Actual price
MVn - TVn- TVn-1
Demand = Supply
Potential price+Actual price
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
Decreasing slope of indifference curve is explained by:-
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
Wants may be both
Competitive
Unlimited
Satiable
All the above
In marginal utility theory, we assume other things are
Changing
Change in the longrun
Change in the shortrun
An___________ shows different combinations of two commodities, which give the consumer an equal satisfaction.
Indifference curve
Marginal utility
Isoquant
______ means using up of goods and services.
Consumption
Production
Distribution
Investment