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Total utility:

A. Diminishes with increased consumption

B. Reflects the overall level of satisfaction of the consumer

C. Is directly related to the price the consumer is willing to pay for a good or service

D. Is independent of price changes

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  1. Production function shows:
  2. Under which of the following forms of the market structure does a firm have no control over the price…
  3. In economic term water is a:
  4. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  5. The monopolist often lead to exploitation of:
  6. The marshallian demand curve includes:
  7. The slope of budget line shows the price ratios of:
  8. Compared to perfect competition, a monopolist will charge:
  9. A firm enjoys maximum control over the price of its product under:
  10. In Recardian theory of value, the stress has been made on:
  11. Marshalls definition of economics was strongly criticised by:
  12. Along an isoquant, output remains same, and capital labor ratio:
  13. An inferior good/ commodity is inferior for:
  14. If the commodities X and Y are perfect substitutes then:
  15. The kink demand curve faced by an oligopolist is based on the assumption that:
  16. A monopoly producer has:
  17. Extension (expansion) and contraction of demand are result of:
  18. The production function of homogeneous of degree one (n=1) is also called:
  19. Supply of a commodity refers to:
  20. Scarcity is:
  21. According to the principle of substitution?
  22. The short-run periods in monopolistic competition are:
  23. An exceptional demand curve is:
  24. Price discrimination is possible:
  25. Who wrote Mathematical Analysis for Economists?
  26. When with a change in price the total outlay (expenditures) on a commodity remains constant, it is a…
  27. If production increases under increasing returns to scale, the cost will:
  28. The largest possible loss that a firm will make in the short run is:
  29. Law of Returns to Scale shows:
  30. In case of perfect competition, TR curve rises at a: