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Class 11 Economics
Theory Of Consumer Behaviour
Quiz 4
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Consumer is in equilibrium when:
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MUx = PUx
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MUx > PUx
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MUx < Px
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MUx ÷ Px
Explanation
MUx = PUx
Marshall has given the law of Equimarginal utility related:
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Related to goods
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Related to money
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In relation to both
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None of these.
Explanation
Related to goods
How many tremendous curves can touch the budget line:
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One
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Two
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Several
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Depends on the basis of indifference maps.
Explanation
One
Indifference curves were first introduced by the English economist in 1881 by:
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Edge worth
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Pareto
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Myers
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Hicks.
Explanation
Edge worth
Any statement about the demand of an object is considered complete when it is mentioned in the following:
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Price of good
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Demand of good
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Time period
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All of the above.
Explanation
All of the above.
If price of goods ‘X’ falls leading to increase in demand of goods ‘ Y’ then both the goods are:
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Substitute goods
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Complementary goods
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Not related
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Competitor.
Explanation
Complementary goods
According to total outlay method, the demand of a good is sinelastic when:
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Price will fall with the increase in amount spent
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When price of good decreases and money spent decreases
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Expenditure remains the same, even if price falls
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Expenditure decreases with the increase in price.
Explanation
When price of good decreases and money spent decreases
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