(A) Form utility
(B) Time utility
(C) Place utility
(D) All of the above
Category: Economics Mcqs
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Supply function is a functional relationship between quantity supplied of a commodity and?
(A) Factors affecting supply
(B) Price of the commodity
(C) State of technology
(D) Government policy
Stock of a commodity is the:
(A) Total quantity that is available in a market at a certain time
(B) Total quantity that is available with wholesalers at a certain time
(C) Total quantity that is available with stockists at a certain time
(D) Total quantity that is available at a certain price
Which theory assumes ordinality of utility?
(A) Indifference curve theory
(B) Marginal utility theory
(C) None of the above
(D) Both A & B
Higher Indifference curve means:
(A) Consumer has more income
(B) Price of goods have reduced
(C) Higher utility level
(D) All of the above
Diminishing MRS means:
(A) Consumer wants to give up lesser units of Y in exchange for good X
(B) Consumer wants to give up more units of Y in exchange for good X
(C) Consumer wants to give up same units of Y in exchange for good X
(D) None of the above
MRS is defined as:
(A) Amount of good Y given up in exchange for good X such that total utility is constant
(B) Amount of good X given up in exchange for good Y such that total utility is constant
(C) Amount of good Y given up in exchange for good X such that total utility rises
(D) Amount of good Y given up in exchange for good X
Marshall consumer surplus is the area between:
(A) MU curve and the market price
(B) Demand curve and the price axis below the market price
(C) Demand curve and the price axis above the market price
(D) None of the above