If consumption of the good is not continuous or there are varieties in the goods then which law with hold:
Law of diminishing marginal utility
Law of increasing marginal utility
Law of diminishing returns
Law of constant returns
Decreasing slope of indifference curve is explained by
Law of diminishing marginal returns
Law of diminishing MRS
Law of demand
Law of constant MRS
An indifference curve shows combinations of two goods that:
Could be available to the consumer in a given time period
Would provide the consumer with the same level of satisfaction
A consumer could buy with their given income
Could provide the consumer with similar levels of satisfaction
Consumer's equilibrium is a situation in which a consumer can get _______ satisfaction from his current level of income.
Maximum
Minimum
No
Less
Attainable
Not attainable
Desirable and attainable
Desirable and not attainable
Imagine a budget constraint between good y on the vertical axis and good x on the horizontal. If that budget line were to become more shallow it could be due to:
An increase in the price of good x
A change in consumer preference towards good x
An increase in the price of both goods, yet with the price of ' good y ' increasing more than that of good x
An increase in income
Smoothness of indifference curve means
X and Y are substitutes of each other
X and Y can be consumed in fixed proportion
Perfect divisibility of two goods
Perfect non divisibility of two goods
Upward sloping demand curve can be explained by:
Marginal utility theory
Diminishing marginal utility
Indifference curve theory
Consumer theory
Indifference mean:
x is preferred to y
y is preferred to x
x and y are equally preferred
x is not preferred
Diminishing MRS means :
Consumer wants to give up lesser units of y in exchange for good x
Consumer wants to give up more units of y in exchange for good x
Consumer wants to give up same unit of y in exchange for good x
Consumer wants to give up more units of x in exchange for good y
