Consumers Equilibrium and Demand - Online Test

Q1. Which of the following statements regarding utility is not true?
Answer : Option D
Explaination / Solution:

Utility is a subjective concept and varies from person to person, at different times and at different places. There cannot be a standardised measure for utility. Therefore, the point that utility always measurable is not true.

Q2. Which of the following utility approach is based on the theory of Alfred Marshall?
Answer : Option D
Explaination / Solution:
No Explaination.


Q3. _____________ is the addition to total utility by the consumption of one additional unit of the commodity?
Answer : Option B
Explaination / Solution:
No Explaination.


Q4. Which of the following utility approach suggests that utility is a measurable and quantifiable entity?
Answer : Option B
Explaination / Solution:
No Explaination.


Q5. Consumer’s surplus is also known as?
Answer : Option A
Explaination / Solution:
No Explaination.


Q6. ____________ shows various combinations of two goods that give same amount of satisfaction to the consumer?
Answer : Option A
Explaination / Solution:
No Explaination.


Q7. Indifference curve slopes___________?
Answer : Option C
Explaination / Solution:
No Explaination.


Q8. _____________ is defined as the difference between what the consumer is willing to pay for a product and what he actually pays?
Answer : Option C
Explaination / Solution:
No Explaination.


Q9. According to the law of diminishing marginal utility, _________?
Answer : Option B
Explaination / Solution:
No Explaination.


Q10. The want satisfying power of a commodity is known as:
Answer : Option D
Explaination / Solution:
No Explaination.