Multiple Choice
A consumer reaches equilibrium when
A) marginal utility is equal to price
B) marginal utility greater than price
C) marginal utility less than price
D) total utility is equal to price
Correct Answer:
Verified
Correct Answer:
Verified
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
Q12: When Total utility is increasing at an
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
Q18: When individuals income falls (everything remain the