Consumer Preferences and Demand Analysis

Consumer Preferences and Demand Analysis

University

10 Qs

quiz-placeholder

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Consumer Preferences and Demand Analysis

Consumer Preferences and Demand Analysis

Assessment

Quiz

Others

University

Hard

Created by

Mrs.D. Vidya

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a standard assumption of consumer preferences?

Completeness

Transitivity

Non-satiation

Diminishing Marginal Returns

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The condition for utility maximization is when:

Total utility is maximized

Marginal rate of substitution equals the price ratio

Marginal utility of goods is equal

Budget line is vertical

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The indirect utility function represents:

Minimum expenditure to achieve a utility level

Utility derived from consuming a bundle at given prices and income

Maximum quantity consumed

Change in utility with respect to price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following demand functions keeps utility constant while analyzing price changes?

Marshallian demand

Hicksian demand

Cross-price demand

Income demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good whose demand increases as income increases is called:

Inferior good

Giffen good

Normal good

Luxury good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer surplus is the area:

Below the demand curve and above the supply curve

Under the supply curve

Under the demand curve and above the price line

Above the demand curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the expected utility framework, a risk-averse consumer:

Has a linear utility function

Prefers a risky option over a certain amount

Has a concave utility function

Is indifferent to risk

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