According to the law of diminishing marginal utility, the utility from the consumption of each additional unit starts _____

(a)

increasing

(b)

diminishing

(c)

multiplying

(d)

none of these

The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

The term 'ceteris paribus' means __

(a)

Speculation

(b)

Other things remaining constant

(c)

Veblen effect

(d)

Antoine Augustin Cournot

A change in the quantity supplied is a response to a change in the price is called __

(a)

Elasticity of supply

(b)

Elasticity of demand

(c)

Concept of Elasticity

(d)

Unitary Elastic of supply

Giffen goods are classified in to ________and___________ goods.

(a)

Superior

(b)

Inferior

(c)

Both (a) and (b)

(d)

None of the above