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Total Utility (TU) curve:

A. Always rises

B. Always falls

C. First falls and then rises

D. First rises and then falls

Correct Answer : D.


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  1. In a perfectly competitive market, suppliers must know:
  2. The equilibrium of a firm is determined by the equality of MC and MR in only:
  3. Which of the following is not characteristic of perfect competition?
  4. A typical demand curve cannot be:
  5. Microeconomics is also known as:
  6. Marginal revenue from a given output:
  7. The budget-line is also known as the:
  8. On a straight line demand curve, elasticity of demand at the midpoint is:
  9. The production possibility curve (PPC) is concerned with:
  10. Production function shows:
  11. Increasing returns is not caused by:
  12. Given a U shaped average cost curve, the relationship between average cost and marginal cost is such…
  13. In monopolistic competition, the firms follow:
  14. In long run, a firm can change:
  15. Engel curves shows that:
  16. If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
  17. The Law of Proportionality is another name of:
  18. Law of Diminishing Marginal Utility is practically untrue because:
  19. General Equilibrium deals with the equilibrium of the:
  20. Supply of a commodity refers to:
  21. Under competitive conditions, the industry will be in equilibrium:
  22. Which of the following goods is most likely to be exchanged in a market of local rather than national…
  23. Price discrimination is undertaken with the aim of:
  24. Utility means:
  25. In 1776, a famous book An enquiry into the nature and causes of the wealth of nation was written by:
  26. In the immediate run:
  27. The short-run supply curve of the perfectly competitive firm is given by:
  28. The demand curve of giffen goods will be:
  29. The entry of new firms in cournot model is:
  30. The greater the percentage of income spent on a commodity: