Class-11- Elasticity of Demand

When marginal utility reaches zero,

the total utility will be

• Minimum

• Maximum

• Zero

• Negative

Pick the odd one out

• Agricultural goods

• Necessaries

• Comforts

• Luxuries

The basis for the law of demand is

related to----

• Law of diminishing marginal

  utility

• Law of supply

• Law of equi-marginal utility.

• Gossen’s Law.

The concept of consumer’s surplus is

associated with

• Adam smith

• Marshall

• Robbins

• Ricardo

Increase in demand is caused by

• decline in population

• Increase in interest rate

• Higher subsidy

• .Increase in tax

A consumer is in equilibrium when

marginal utilities from two goods are

• Increasing

• Equal

• Maximum

• Minimum

• Cross Elasticity of Demand

• Advertising Elasticity of Demand

• Income Elasticity of Demand

• PriceElasticity of Demand

The concept of elasticity of demand was introduced by

• Marshall

• Adam Smith

• Keynes

• Ferguson

Income elasticity of demand is degree of responsiveness of change in demand to

• Change in income

• Change in substitutes

• Elasticity of demand

• Change is price

_________ is the major determinant of demand.

• Consumption

• Price

• Supply

• All the above