Multiple Choice
"Utility or satisfaction is a subjective concept; therefore it could only be ranked". The statement supports
A) cardinal utility theorist
B) ordinal utility theorist
C) behavioral theorist of the firm
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q5: In case of a convex indifference curve<br>A)mrs
Q6: As per indifference curve analysis, consumer always
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
Q11: At saturation point MU of a commodity
Q12: When Total utility is increasing at an
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