The Consumer maximizes his utility when he spends his income on different goods in such a way that the marginal utility of the last rupee spend on each commodity is ____________.
none of these
Equilibrium is the ________ position towards which the consumer would like to move
Any of these
Utility differs from usefulness in the context of :
Commodity may not be useful but it might have utility
commodity may not have utility but it is likely to be useful
a and b
None of these
________ is not a the assumption of law of diminishing marginal utility.
Commodity must be same
Taste remains same
price of substitute remains same
There should be a break in between consumption.
The Consumer is likely to be in equilibrium when marginal utility is equal to _________.
_____________ first proposed the theory of diminishing marginal utility
Zero marginal utility implies that ___________.
consumer is saturated
Consumer is not saturated
Total utility is zero
When the Total utility reaches the maximum level, the marginal utility would be ___________.
Once total utility reaches maximum, consumption thereafter leads to _________ total utility.
reaches the highest level
As long as total utility increases, marginal utility would be _______.
not be negative
All of these