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Worksheetsconsumer behaviour
Total questions: 13
Worksheet time: 5mins
_________________ 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
according to one of the assumption of LDMU , there should be __________ between the consumption of one unit and another unit.
equal time gap
no time gap
long time gap
any of these
an indifference curve represents all those combinations of two goods which give:
no satisfaction to the consumer
lower satisfaction to the consumer
higher satisfaction to the consumer
same satisfaction to the consumer
which indifference curve represents the highest level of satisfaction?
IC 1
IC 2
IC 3
NONE
