CONSUMER'S EQUILIBRIUM

What will be the value of MU when TU is maximum?

• positive

• negative

• zero

• none of these

MRS is equal to Px/Py then satisfaction will be

• minimum

• Maximum

• zero

• one

Cardinal approach is developed by

• J R Hicks

• Alfred Marshall

• Adam Smith

• Paul Samuelson

Ordinal Approach is developed by

• Hicks and Allen

• Alfred Marshall

• Adam Smith

• Paul Samuelson

When consumer reaches equilibrium then IC

• Straight line

• Convex to origin

• Concave to origin

• All of these

Which of the following can be referred to as 'point of satiety'?

• MU is negative

• MU is zero

• TU is rising

• TU is falling

The bundle that the consumer can purchase by spending his entire money income at given prices is represented by

• budget line

• budget set

• consumption bundle

• none of these

slope of budget line is

• MOC

• Marginal rate of substitution

• market rate of exchange

• all of these

An indifference curve is

• convex to the origin

• concave to the origin

• a straight line curve

• none of this

An indifference schedule represents various bundles that give --------- level of satisfaction.

• unequal

• equal

• zero

• none of these