consumer theory

consumer theory

KG - University

10 Qs

quiz-placeholder

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consumer theory

consumer theory

Assessment

Quiz

Other

KG - University

Hard

Created by

Ritu Kumar

Used 8+ times

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10 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 5 pts

The slope of the budget constraint equals the of the goods.

2.

FILL IN THE BLANK QUESTION

1 min • 5 pts

The slope of an indifference curve is called the

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Indifference curves are downward sloping because

a consumer likes both the goods

a consumer doesn't like both the goods

a consumer likes one good and not the other

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When the two goods are perfect substitutes

MRS is constant

Indifference curves are straight lines

Both (a) and (b)

Neither (a) nor (b)

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When the two goods are perfect complements, say right shoes and left shoes

A consumer cares just about the number of pairs of shoes

The indifference curves are right angles

both (a) and (b)

neither (a) nor (b)

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

At the consumer's optimum point,

Indifference curve is tangent to the budget line

MRS equals the relative price

both (a) and (b)

neither (a) nor (b)

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Income effect of the price change refers to the change in consumption

that results from

being at a point on an indifference curve with a different MRS

that reduces consumer's welfare

that results from the movement to higher IC

None of the above

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