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Consumers Equilibrium and Demand (MCQs)
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Consumers Equilibrium and Demand (MCQs)
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25 Questions

1. When TU is increasing at a diminishing rate, MU must be
2. The slope of indifference curves is measured by
3. If two goods are complementary then rise in the price of one results in
4. When demand curve is parallel to X-axis, elasticity of demand is
5. According to IC analysis , a consumer attains equilibrium when
6. Shift in demand curve means
7. Ed> 1 represents
8. Diagrammatic presentation of consumer's indifference set is called ?
9. In case of diminishing returns
10. What will be the state of total output when marginal product turns negative?
11. Under perfect competition, for the producer to be in equilibrium
12. Attainable combinations of X and Y are drawn on the assumption that Px and Py are
13. An indifference curve is related to
14. In case of normal goods, demand curve shows
15. Inferior goods are those whose income effect is
16. As a result of rise in consumer's income , demand curve for coarse grain (inferior good)
17. A consumer demands 5 units of a commodity at the price of ₨4 per unit. He demands 10 units when the price falls to Rs3 per unit. Price elasticity of demand is equal to
18. The graphic presentation of a table showing price and demand relationship for a commodity in the market is called
19. How are goods X and Y when, as a result of rise in the price of good-X , demand for good-Y increases ?
20. Which of the following equations is incorrect ?
21. When percentage change in demand is more than percentage change in price, demand is:
22. When average product (output) increase, marginal product is
23. What will be the condition of total utility when marginal utility stays positive ?
24. Marginal utility of a particular commodity at the point of saturation is
25. Given the fact that MRS between goods X and Y is diminishing , IC is:

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