Exam 5: Demand Analysis and Utility Theory in Economics

The slope of an indifference curve represents:

Introspection is not the basis of :

In a combination of X and Y, if price of Y alone changes, the X intercept will :

At the point of tangency of an indifference curve with a budget line:

Which of the following is Gossen's first law:

The ordering of combinations on an indifference curve is:

Strong ordering is a distinguishing feature of the theory given by:

Measurable utility is the postulate of:

The convexity of an indifference curve shows:

Commodities bought in larger quantities when income rises are called:

Substitution Effect is:

If income effect works in the direction opposite to that of substitution effect, the good is not:

In the case of perfect complementaries, the MRS between goods is:

An Indifference Curve to the right of another represents combinations which are:

Which of the following is a cardinalist approach to demand analysis:

Change in demand due to a change in the price of related good :

In the case of a free good, the consumer will be in equilibrium when:

The Price and quantity relationship for an inferior good is:

Change in demand due to change in relative price alone is called:

Father of Economics: