Question # 1

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

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

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

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

Utility of a commodity is zero, when

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Want is satisfied upto a certain extent

Want is fully satisfied

Utility is positive

Want is not satisfied

Objective of a rational consumer is

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To save maximum amount from his limited income

To buy goods at minimum price

Best choice from existing economic goods

To attain maximum utility from the spent amount

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

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

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