Laws in economics - class-XII
Description: laws in economics | |
Number of Questions: 48 | |
Created by: Girish Devgan | |
Tags: consumer's behaviour consumers equilibrium theory of consumer behaviour: marginal utility and indifference curve analysis economics consumer behaviour and demand business economics and quantitative methods consumption analysis consumer equilibrium and demand theories of consumer behaviour demand and law of demand |
A production possibility frontier explains ________ of Economics.
The concept of marginal utility plays a central role in ________.
________ says that the additional benefit which a person derives from a given increase in his stock of a thing diminishes with every increase in the stock that he already has.
Which of the following is an exception to the law of diminishing marginal utility?
Which of the following assumption is applicable for the law of diminishing marginal utility?
The law of diminishing marginal utility states that as the stock of a commodity with the consumer ____, its marginal utility to the consumer _____.
The law of diminishing marginal utility states that as the stock of a commodity increases with the consumer, its ________ to the consumer decreases.
_______ states that as the stock of a commodity increases with the consumer, its marginal utility to the consumer decreases.
Which of the following assumptions is applicable under the Marshallian approach of consumer behaviour?
"Utility is a subjective concept therefore it could only be ranked" defines the position of _______.
Which one is not an assumption of law of diminishing marginal utility?
Marginal utility (MU) curve is always ________.
Law of diminishing marginal utility states that ____________.
Which of these is not an essential assumption of law of diminishing marginal utility concept?
Law of Diminishing Marginal utility is applicable to _________.
Identify which of the following statement is correct and which is incorrect.
A. The marginal utility of a good increase, if the want of the consumer is intensified by consuming a very small quantity of it such as a very little quantity of water given to a very thirsty person.
B. The law of diminishing marginal utility states that as the stock of a commodity decreases with the consumer, its marginal utility to the consumer decreases.
Which of the following is a limitation of law of diminishing marginal utility?
Which of the following assumption is NOT applicable for the law of diminishing marginal utility?
(i) All the units of the given commodity are heterogeneous.
(ii) The units of consumption are of unreasonable size.
(iii) The consumer is rational human being and he aims at minimization of satisfaction.
Which of the following assumption is applicable for the law of diminishing marginal utility?
The doctrine of consumer's surplus is based on _______.
The marginal utility(MU) of the last unit of commodity X consumed is twice the MU of the last unit of commodity Y consumed, the consumer is in equilibrium only if:
According to the law of diminishing marginal utility _______________.
The laws of DMU is not helpful for?
Full form of DMU is ______________.
The law of diminishing marginal utility states that as the stock of a commodity _______with the consumer, its marginal utility to the consurner ______
Diminishing marginal returns occurs because _____________.
Utility may be affected by the presence or absence of.
The doctrine of consumer surplus is based on:
A rational consumer is a person who ____________.
In law of diminishing marginal utility, rationality means __________.
Law of diminishing marginal utility states that as the consumer buys more units of a commodity _________.
Name the economists who developed:
Marginal utility theory - __________, and
Indifference curve theory - ________.
Which assumption implies the consumer aims at utility maximisation?
An assumption of the constant marginal utility of money means the importance of money to the consumer is _________.
Which assumption of consumer theory states that if the consumer prefers A to B, then he will not prefer B to A in another time period?
Law of diminishing marginal utility states that when more and more units of a commodity are consumed, marginal utility ___________.
Consumer equilibrium can be determined only if the law of diminishing marginal utility holds good.
The law of equi- marginal utility explains equilibrium of the _______.
The law of equi-marginal utility was stated by _______.
_______ states that consumer distributes his expenditure between different goods in such a way that the marginal utility derived from the last rupee spent on each good is the same.
Consumer is said to be in equilibrium, maximizing his total utility, when
Law of equilibrium marginal utility was propounded by _______.
The law of equi-marginal utility can be presented symbolically as ________.
Which of the following can be treated as limitation of the law of equi-marginal utility?
___________ law is unrealistic in nature.
As per the law of equal marginal utility consumer considers __________.
When price of both the commodities is same, the consumer attains maximum satisfaction where ________.