Multiple Choice
When Total utility is increasing at an decreasing rate, marginal utility is
A) constant
B) negative
C) increasing
D) decreasing
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Total utility curve<br>A)always rises<br>B)first falls then rises<br>C)always
Q8: Indifference curve is always<br>A)concave to the origin<br>B)convex
Q9: Marginal utility is<br>A)always zero<br>B)increases at a diminishing
Q10: "Utility or satisfaction is a subjective concept;
Q11: At saturation point MU of a commodity
Q13: A consumer reaches equilibrium when<br>A)marginal utility is
Q14: Ordinal utility analysis is otherwise known as<br>A)gossens
Q15: An indifference curve represent<br>A)four commodities<br>B)less than two
Q16: Engel curve for giffen good is<br>A)positively sloped<br>B)negatively
Q17: Which method is used by Hicks to