Choice is always constrained or limited by the _______ of our resources.

(a)

Scarcity

(b)

Supply

(c)

Demand

(d)

Abundance

The basis for the law of demand is related to

(a)

Law of Diminishing Marginal Utility

(b)

Law of Supply

(c)

Law of Equi-Marginal Utility

(d)

Gossen's Law

The concept of elasticity of demand was introduced by

(a)

Ferguson

(b)

Keynes

(c)

Adam Smith

(d)

Marshall

The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

The __ principle is quite useful in explaining the "water diamond paradox"

(a)

Equi - marginal

(b)

Marginal utility

(c)

Utility

(d)

Total utility

Define utility.

Write the formula of consumers surplus?

What are Giffen goods? Why is it called so?

Define budget set.

Mention few determinants of Elasticity of demand?

Describe the feature of human wants

What are the assumptions of Law of Diminishing Marginal utility?

Elucidate the law of diminishing marginal utility with diagram.

Explain the law of Equi - marginal utility

Explain briefly Levels or degrees of Price Elasticity of Demand?

Explain the theory of Consumer's surplus with the help of a table and a diagram.