consumer behaviour

_________________ means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction.

• monotonic preference

• indifference curve.

any consumption beyond the point of satiety leads to _______

• utility

• disutility

indifference curves are convex to the origin because of ___________ marginal rate of substitution

• increasing

• decreasing

• constant

__________ refers to family of indifference curve.

• indifference curve

• indifference map

different points on an indifference curve represents different satisfaction levels

• true

• false

which of these is not a property of indifference curve?

• indifference curve slopes downwards

• indifference curve is concave to the origin

• indifference curve is convex to the origin

• higher indifference curve represents higher level of satisfaction.

according to the law of diminishing marginal utility, satisfaction derived from consumption of each additional unit:

• increases

• decreases

• remains same

• either increases or decreases

indifference map refers to:

• higher indifference curve

• family of indifference curve

• lowest indifference curve

In the context of indifference curve analysis, MRS stands for:

• marginal rate of substitution

• marginal rate of satisfaction

• marginal return of substitution

• marginal return of satisfaction

the law of diminishing marginal utility will not hold good if income of the consumer:

• increases

• decreases

• remain constant

• either increases or decreases