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Published on: 24/08/2019
Consumer Equilibrium
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Questions + Answers key
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1.
Why is budget line negatively sloped?
2.
What is the Vertical (Y-axis)intercept of budget line?
3.
What is the horizontal (X-axis) intercept of budget line?
4.
Give equation of Budget Line.
5.
Why does an indifference curve slope downwards?
6.
What is consumer's equilibrium?
7.
Define total utility
8.
If a consumer has monotonic preferences, can she be indifferent between the bundles (10, 8) and (8, 6)?
9.
What do you mean by the budget set of a consumer?
10.
Which of the can be referred to as 'point of satiety'?
Marginal Utility is negative
Marginal utility is zero
Total Utility is rising
Total Utility is falling
11.
If X and Y are two commodities, indifference curve shows____________.
X and Y are equally preferred
Y is preferred to X
X is preferred to Y
None of these
12.
When economists speak of the utility of a certain good, they are referring to________________.
The demand for the good
The usefulness of the good in consumption
The satisfaction gained from consuming the good
The rate at which consumers are willing to exchange one unit of good for another one
13.
An indifference curve slopes down towards right since more of one commodity and less of another result in______________.
Same satisfaction.
Greater satisfaction.
Maximum satisfaction
Decreasing expenditure
14.
What does the area under the marginal utility curve depict?
Average Utility
Total Utility
Indifference Curve
Consumer Equilibrium
15.
Total utility is maximum when
Marginal utility is zero
Marginal utility is at its highest point
Marginal utility is equal to average utility
Average utility is maximum
16.
At a grand family get-together party you go on eating and eating since you have not to pay.
17.
In case of indifference curve consumer is in equilibrium if MRSxy=\(\frac { { P }_{ x } }{ { P }_{ y } } \)
18.
In case of single commodity, consumer will be in equilibrium when M.U. = Income
19.
An indifference curve (IC) IS convex to the origin because of increasing MRSxy
20.
Total utility increases as long as marginal utility is positive (+).
1.
( )
Budget line is downward sloping because if a consumer wants to buy more of one commodity, he has to buy less of other goods, given money income.
2.
( )
Vertical intercept of budget line
\(\frac{money\ income}{price\ of the\ commodity\ on\ vertical\ axis}=\frac{M}{P2}\)
3.
( )
\(\frac{money\ income}{price\ of\ commodity\ on\ horizontal\ axis}=\frac{M}{P1}\)
4.
( )
P1X1 + P2X2 = M.
5.
( )
An Indifference curve slopes downwards because increase in units of one good requires decrease in the number of units of the other good to maintain the same level of satisfaction.
6.
( )
Consumer's equilibrium refers to a situation where a consumer gets the maximum satisfaction out of his given money income and given market price.
7.
( )
Total utility is the sum of all the utilities derived from consumption of all the units of a particular commodity.
8.
( )
No, if a consumer has monotonic preferences, bundle (10, 8) is preferred to bundle (8, 6) as bundle (10, 8) has more units of both the goods
9.
( )
Budget set is the collection of all bundles of' goods that a consumer can buy with his income at the prevailing market prices.
10.
(b)
Marginal utility is zero
11.
(a)
X and Y are equally preferred
12.
(c)
The satisfaction gained from consuming the good
13.
(a)
Same satisfaction.
14.
(b)
Total Utility
15.
(a)
Marginal utility is zero
16.
(b)
17.
(a)
18.
(b)
19.
(b)
20.
(a)
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