The capability of a commodity to satisfy human wants is:
  • Consumption
  • Utility
  • Quality
  • Taste
For the maximum satisfaction of consumer:
  • Marginal utility of a good should be equal to its price.
  • Marginal utility of a good should be greater than its price.
  • There is no relation between marginal utility and price.
  • None of these
When marginal utility is negative, then total utility:
  • is maximum
  • Starts decreasing
  • increases at decreasing rate
  • None of these
According to the law of equi-marginal utility, the condition for consumer’s equilibrium is:
  • \(\frac{MU_A}{P_A}\)
  • \(\frac{MU_B}{P_B}\)
  • Both (a) and (b)
  • Undefined
According to Marshall, utility of a commodity:
  • Can be measured by money
  • Cannot be measured by money
  • Both (a) and (b)
Which element is essential for demand ?
  • Desire to consume
  • Availability of adequate resources
  • Willingness to consume
  • All of these
Demand Curve generally slopes:
  • Upward from left to right
  • Downward from left to right
  • Parallel to X-axis
  • Parallel to Y-axis
In which goods, price fall does not make any increase in demand ?
  • Necessities Goods
  • Comfort Goods
  • Luxuries Goods
  • None of these
Which of the following factor affects demand ?
  • Price
  • Change in income
  • Taste of the Consumer
  • All of these
Goods, which can alternatively be used, are called:
  • Complementary Goods
  • Substitutes
  • Comforts
  • None of these
Law of Demand is a:
  • Qualitative Statement
  • Quantitative Statement
  • Both (a) and (b)
  • None of these
Which of the following is a demand function ?
  • PX
  • DX = PX
  • Dx = (Px)
  • None of these
When change in the price of goods-X affects the demand of goods-Y, this demand is called:
  • Price Demand
  • Income Demand
  • Cross Demand
  • All of these
For normal goods, Law of Demand states the relationship between price and quantity of goods:
  • Direct
  • Positive
  • Indirect
  • None of the above
Which of the following is a reason for fall in demand ?
  • Fall in Income
  • Fall in Number of Buyers
  • Fall in Taste of Consumer
  • All the above
With rise in coffee price, the demand of tea:
  • Rises
  • Falls
  • Remains stable
  • None of these
Contraction in demand appears when:
  • Price rises and demand falls
  • Price rises and demand also rises
  • Price remains stable and demand falls
  • Price falls but demand remains stable
Which is a reason of change in demand ?
  • Change in consumer’s income
  • Change in price of related goods
  • Population increase
  • All pf these
For a change in which of the following, there is no change in demand ?
  • Change in price
  • Change in income
  • Change in taste and fashion
  • None of these
With a rise in price the demand for ‘Giffin’ goods:
  • increases
  • decreases
  • remains constant
  • becomes unstable
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