Multiple Choice
The basic doctrine of consumers surplus is based on
A) indifference curve analysis
B) revealed preference theory
C) law of substitution
D) law of diminishing marginal utility
Correct Answer:
Verified
Correct Answer:
Verified
Q9: If both the products X & Y
Q10: A production possibility curve is concave to
Q11: Indifference curve is always<br>A)concave to the origin<br>B)convex
Q12: "Utility or satisfaction is a subjective concept;
Q13: Inferior goods are the goods with<br>A)falling income
Q15: If negative income effect is less than
Q16: The deductive method is also called<br>A)abstract<br>B)analytical<br>C)priori method<br>D)all
Q17: Price effect is<br>A)income effect - substitution effect<br>B)substitution
Q18: The minimum point of ATC is at..............
Q19: Other things being equal a decrease in