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An indifference curve is best described ...

An indifference curve is best described as a series of points which show:

A

Combination of two commodities which give the consumer same satisfaction

B

Combinations of two goods, such that cost of each combination is equal to money income of the consumer

C

Combinations of the two goods which a consumer can afford, given his income and prices in the market

D

None of these

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The correct Answer is:
A
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SANDEEP GARG-CONSUMER'S EQUILIBRIUM-Revision Exercise
  1. If (MU(X))/(P(X)) gt (MU(Y))/(P(Y)), then to reach the equilbrium posi...

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  2. If the consumption of an additional unit of a commodity casues no chan...

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  3. An indifference curve is best described as a series of points which sh...

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  4. Total Utility is at the point of satiety:

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  5. Marginal Utility (MU) of n^(th) unit is calculated as:

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  6. In case of single commodity, consumer's equilibrium is achieved when:

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  7. measures the slope of indifference curve.

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  8. In the following diagram of budget line, point ''D'' represents :

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  9. How is TU derived from MU ?

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  10. What happends to MU when TU is maximum ?

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  11. An indifference curve always:

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  12. In case of cardinal utility approach, utility is measured in:

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  13. The consumer will be in equilibrium where there is tangency between pr...

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  14. 'Cardinality'' means utility can be:

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  15. The slope of price line (in case of commodites X and Y) is given by:

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  16. Which Law states that. ''When a consumer consumes more and more units ...

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  17. In the context of Indifference Curve Analysis, MRS stands for:

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  18. For consumer's equilibrium to be stable, the requirement is:

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  19. The total utility derived by Shyam by eating 6 apples of 300 utils. Ma...

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  20. The assumption of ''Constant marginal utility of money'' means that im...

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