When a consumer is at equilibrium, the MRSxy is equal to the A. sum of the prices B. product of…
A. MP=0 B. MP > 0 C. AP = 0 D. AP > 0 Correct Answer: Option A - MP…
A. remain unchanged B. shift inward C. fall D. rise Correct Answer: Option D - rise Explanation If demand increases…
A. complementary demand B. competitive demand C. composite demand D. derived demand Correct Answer: Option B - competitive demand Explanation…
A. full employment of resources B. unemployment C. inflation D. full employment of factors of production Correct Answer: Option D…
A. consumption of X and reduce the consumption of Y B. expenditure on Y C. expenditure on X D. consumption…
A. N B. P C. M D. K Correct Answer: Option D = K Explanation The consumer is at equilibrium…
A. 5.0 B. 2.0 C. 1.0 D. 0.5 Correct Answer: Option A = 5.0 Explanation price elasticity of demand is…
A. benefits derived from consuming a cheap commodity B. excess of total expenditure over total utility C. difference between marginal…
A. scale of preference B. consumer sovereignty C. consumer rationality D. price of the commodity Correct Answer: Option B -…