Exam 15: Demand Analysis and Utility Theory

Theory of demand examines the behaviour of the--------

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

Measurable utility is the postulate of:

The convexity of an indifference curve shows:

Which of the following is Gossen's first law:

If the long run average cost curve for a typical firm in an industry is downward sloping to the right it becomes difficult to sustain the assumption of

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

A movement from one point to another along an indifference curve makes the satisfaction:

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

As moving from left to right through an indifference curve, the MRS of X for Y

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

In the case of normal goods, the quantity demanded varies inversely with:

In the case of an indifference curve

The slope of an indifference curve represents:

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:

Change in utility resulting from one unit change in consumption is called:

Marginal costs and average variable costs are equal when

The Price and quantity relationship for an inferior good is:

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