Income elasticity of demand of commodity is defined as responsiveness of its demand due to change in what?
A) Price of thing B) Income of consumer C) Price …
The convex IC shows ———— marginal rate of substitution:
A) Constant B) Variable C) Increasing D) Diminishing
IC shows different combinations of two goods that yield:
A) Different level of satisfaction B) Same level of satisfaction C) …
Cardinal approach theory measures the utility:
A) Qualitatively B) Indifferently C) Quantitatively D) B & C
Who introduced the concept of IC for the first time in 1881?
A) Ricardo B) Francis Edgeworth C) Alfred Marshall D) All of these
IC stands for:
A) Indifferent curve B) Irreversible curve C) Incomplete curve D) …
Ordinal approach to consumers behavior is presented by ———— economist:
A) Modern B) Classical C) Neo-classical D) A & C
When price falls then marginal utility of money:
A) Decreases B) Varies C) Increases D) Remains constant
When total utility increases at decreasing rate, marginal utility:
A) Increases B) Decreases C) Remains constant D) Variable
Total utility increases at ________ rate:
A) Increasing B) Decreasing C) Constant D) All of these