As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
A complement is a good
Of lower quality than another
Used in conjunction with another good
Used instead of another good
Of higher quality than another
Most goods
Are complement to each other
Are normal goods
Have vertical demand curves
Have vertical supply curves
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
A decline in the price of a good cause producers to reduce the quantity of the good they are willing to produce. This fact illustrates.
The law of demand
The law of supply
A change in supply
The nature of an inferior good
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
Change in the demand due to increase in the income of the consumers is known as ________ of demand.
In the above figure which movement reflects a decrease in demand?
From a to e
From a to b
From a to d
