(A) Amount consumer is willing to pay minus amount actually paid by the consumer
(B) Amount consumer actually paid minus the amount consumer is wiling to pay
(C) Amount consumer actually paid minus the amount charged by the seller
(D) Amount consumer is willing to pay minus the amount producer is wanting
Category: Economics Mcqs
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If consumption of the good is not continuous or there are varieties in the good then which law withhold:
(A) Law of diminishing marginal utility
(B) Law of increasing marginal utility
(C) Law of diminishing returns
(D) Law of constant returns
MU of the commodity when no commodity is consumed is:
(A) Constant
(B) Maximum
(C) Falling
(D) Rising
As the consumer has more units of a commodity, his total utility from the commodity:
(A) Increases less than in proportion, reaches a maximum and then falls
(B) Increases less than in proportion and then falls
(C) Increases more than in proportion and then reaches a maximum
(D) Falls, becomes zero and then negative
In Marginal utility theory, utility is an:
(A) Cardinal concept
(B) Ordinal concept
(C) Both of the above
(D) None of the above
In Marginal utility theory, marginal utility of money is:
(A) Constant
(B) Rising
(C) Decreasing
(D) Rises and then falls
When percentage change in quantity demanded is less than the percentage change in price demand curve is:
(A) Steeper
(B) Flatter
(C) Rectangular
(D) Horizontal
When income elasticity of demand is equal to zero, then the good is:
(A) Necessity
(B) Luxury
(C) Poor quality necessity
(D) Inferior good