Question # 1

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

Other name of law of equi marginal utility is

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Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

Consumer's behaviour means:

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Selection

Purchase

Sale

Both (a) and (b)

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

Total utility is maximum when marginal utility is

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Positive

Negative

Zero

Minimum

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

The concept of utility is:

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Subjective

Moral

Objective

Neutral

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

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Principles of Economics Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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