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Which of the following statement is wrong?

A. A utility function refers to a particular individual and reflects the tastes of that individual

B. When the tastes of an individual changes, his utility function changes(shifts)

C. Different individuals usually have different tastes and thus have different utility functions

D. Different individuals have same tastes and thus have the same utility function

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. If X and Y are close substitutes, a rise in the price of X will lead to:
  2. Production function relates:
  3. Human wants are:
  4. When there is decrease in demand the demand curve:
  5. In Edgeworth model, price remains:
  6. Under competitive conditions, the industry will be in equilibrium:
  7. If Marginal Utility (MU) is zero, then total utility is:
  8. The optimum level of output in long run takes place where:
  9. A fall in demand for the product under monopolistic competition will likely result in:
  10. The Law of Equi-Marginal Utility refers to:
  11. If the price of product A decreases and in the result the demand for product B increases then we can…
  12. Which of the following curves is a rectangular hyperbola?
  13. The concept of industry in monopolistic competition has been replaced by:
  14. The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
  15. Nash equilibrium is applicable in case of:
  16. The entry of new firms in cournot model is:
  17. The firms in non-cooperative games:
  18. The game theory concentrates on:
  19. Which of the following goods is most likely to be exchanged in a market of local rather than national…
  20. Now-a-days in real life, we are unable to fined:
  21. The Lambda or Langrange Multiplier is a:
  22. Total Utility (TU) curve:
  23. Pure monopoly exists:
  24. Economies of large-scale production:
  25. If the production increases under decreasing returns to scale, the cost will:
  26. Traditionally, the study of determination of price is called:
  27. If the commodity is inferior then:
  28. By scarcity the economist means that all goods are scarce relative the peoples:
  29. The isoquant which are generated by CES (constant elasticity of substitution) production function are…
  30. Price discrimination occurs when: