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Consumers Equilibrium and Demand Test - 3

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Consumers Equilibrium and Demand Test - 3
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  • Question 1
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    Ordinal concept of utility expresses utility in terms of:

  • Question 2
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    The principal limitation of utility analysis relates to the basic assumption that utility can be expressed in terms of:

  • Question 3
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    When consumption of a commodity increases from 3 to 4 units, TU increases from 150 to 180, then marginal utility is:

  • Question 4
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    IC analysis of consumer’s equilibrium is based on:

  • Question 5
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    The basic assumption of IC analysis is:

  • Question 6
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    Indifference curve is a diagrammatic presentation of:

  • Question 7
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    Downward slope of IC indicates its:

  • Question 8
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    Marginal rate of substitution indicates the slope of:

  • Question 9
    1 / -0

    Budget line is also known as:

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