When marginal utility reaches zero, the total utility will be

(a)

Minimum

(b)

Maximum

(c)

Zero

(d)

Negative

Gossen's first law is known as

(a)

Law of Equi-Marginal Utility

(b)

Law of Diminishing Marginal Utility

(c)

Law of Demand

(d)

Law of Diminishing returns

The concept of elasticity of demand was introduced by

(a)

Ferguson

(b)

Keynes

(c)

Adam Smith

(d)

Marshall

Increase in demand is caused by

(a)

Increase in tax

(b)

Higher subsidy

(c)

Increase in interest rate

(d)

decline in population

The Indifference curve analysis was presented by _____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

The foundation for various other economic law is ____

(a)

Law of diminishing marginal utility

(b)

Law of equi-marginal utility

(c)

Consumer surplus

(d)

None of these

_________ is the other name given for Marshallian utility analysis.

(a)

Total utility

(b)

Cardinal utility analysis

(c)

Marginal utility

(d)

All of these

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

(a)

Equi - marginal

(b)

Marginal utility

(c)

Utility

(d)

Total utility

Elasticity of demand is equal to one indicates

(a)

Unitary Elastic Demand

(b)

Perfectly Elastic Demand

(c)

Perfectly Inelastic Demand

(d)

Relatively Elastic Demand

The locus of the points which gives same level of satisfaction is associated with

(a)

Indifference Curves

(b)

Cardinal Analysis

(c)

Law of Demand

(d)

Law of Supply

Define utility.

Mention the classifications of wants

Name the basic approaches to consumer behaviour.

State the meaning of indifference curves.

Write the formula of consumers surplus?

What are Giffen goods? Why is it called so?

Describe the feature of human wants

Mention the relationship between marginal utility and total utility.

Explain the concept of consumer's equilibrium with a diagram.

What are the assumptions of consumer's surplus?

Explain the relationship between price elasticity of demand and slope of a linear demand curve.

Explain the indifference curve approach?

Enumerate the determinants of Demand?