If the supply curve of a commodity is positively sloped, a rise in the price of the commodity ceteris paribus, results in and is referred to as
A. | A decrease in both demand and supply |
B. | A decrease in quantity supplied |
C. | A decrease in supply |
D. | A decrease in demand |
Option: C Explanation : Click on Discuss to view users comments. |
The competition among buyers, each trying to get enough of the product to satisfy his wants tends to move
A. | The equilibrium price |
B. | The market price |
C. | The consumer's price |
D. | All of the above |
Option: D Explanation : Click on Discuss to view users comments. |
A consumer will be maximising his utility if he allocated his money income so that
A. | Elasticity of demand is the same for all purchased products |
B. | The marginal utility from the last rupee spent on each purchased product is the same |
C. | The marginal utility of the last unit of each product consumed is equal |
D. | Total utility gained from each product consumed is the same |
Option: B Explanation : Click on Discuss to view users comments. |
The price which a consumer would be willing to pay for a commodity equals to his
A. | Average utility |
B. | Marginal utility |
C. | Total utility |
D. | Does not have any relation to any one of these |
Option: D Explanation : Click on Discuss to view users comments. |