Consumer is in equilibrium when:
  • MUx = PUx
  • MUx > PUx
  • MUx < Px
  • MUx ÷ Px
Marshall has given the law of Equimarginal utility related:
  • Related to goods
  • Related to money
  • In relation to both
  • None of these.
How many tremendous curves can touch the budget line:
  • One
  • Two
  • Several
  • Depends on the basis of indifference maps.
Indifference curves were first introduced by the English economist in 1881 by:
  • Edge worth
  • Pareto
  • Myers
  • Hicks.
Any statement about the demand of an object is considered complete when it is mentioned in the following:
  • Price of good
  • Demand of good
  • Time period
  • All of the above.
If price of goods ‘X’ falls leading to increase in demand of goods ‘ Y’ then both the goods are:
  • Substitute goods
  • Complementary goods
  • Not related
  • Competitor.
According to total outlay method, the demand of a good is sinelastic when:
  • Price will fall with the increase in amount spent
  • When price of good decreases and money spent decreases
  • Expenditure remains the same, even if price falls
  • Expenditure decreases with the increase in price.
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