Pick the odd one out

(a)

Luxuries

(b)

Comforts

(c)

Necessaries

(d)

Agricultural goods

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

Increase in demand is caused by

(a)

Increase in tax

(b)

Higher subsidy

(c)

Increase in interest rate

(d)

decline in population

Ordinal Utility can be measured by

(a)

Ranking

(b)

Numbering

(c)

Wording

(d)

None of these

The indifference curve are

(a)

vertical

(b)

horizontal

(c)

positive sloped

(d)

Negatively sloped

Define utility.

Name the basic approaches to consumer behaviour.

State the meaning of indifference curves.

What are the degrees of price elasticity of demand?

Describe the feature of human wants

Mention the relationship between marginal utility and total utility.

What are the properties of indifference curves?

What are the methods of measuring elasticity of demand?