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Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin) implying:

A. Consumers prefer to have less satisfaction than more of both commodities

B. As more and more of one commodity is obtained, less and less of the other must be given up to keep satisfaction constant

C. The total satisfaction obtained along an indifference curve decreases at an increasing rate

D. None of the above

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  1. Perfect competition implies:
  2. A typical demand curve cannot be:
  3. Which of the following has more elastic demand curve?
  4. When total product (TP) is maximum:
  5. In 1890, Principles of Economics was written by:
  6. In Prisoner Dilemma, the best choice of strategy is:
  7. The concept of product differentiation was firstly introduced by:
  8. At the shut-down point in perfect competition:
  9. The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
  10. Profits of a firm will be calculated taking into account the units produced and the difference between:
  11. In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
  12. The firm is said to be in equilibrium when the difference between revenue and cost is:
  13. According to Diamond Water Paradox diamonds are more expensive than water because:
  14. When sales tax is imposed on monopolist, its:
  15. Robbins definition of economics was criticised by:
  16. Kinked Demand Curve is consistent with which one of the following market situations?
  17. A monopoly producer usually earns:
  18. The monopolist often lead to exploitation of:
  19. The word ECONOMICS is derived from the Greek terms meanings:
  20. Which of the following is not a characteristic of a perfectly competitive market?
  21. Under perfect competition, the average revenue, marginal revenue and price are shown:
  22. After reaching the saturation point consumption of additional units of the commodity cause:
  23. In monopoly and perfect competition, TC curves are:
  24. 7.In an economy based on the price system the decision on what shall be produced is made by:
  25. An inferior commodity is one whose quantity demand decreases when income of the consumer:
  26. In Nash equilibrium, a player:
  27. There is no difference between fixed and variable factors in the:
  28. Production indifference curve (isoquant) is a curve which shows:
  29. Indifference curves reflect:
  30. The competitive equilibrium leads to: