Economics Quiz

As long as marginal utility is positive, total utility

• Remains constant

• Diminishes

In economics goods as well as services are called_

• Commodity

• Items

'Continuous consumption' as one of the assumption to the law of diminishing marginal utility means

• Consuming apples without any time gap

• Consuming an apple every day

• Consuming apples after regular interval

• An apple a day keeps a doctor away

'Standard unit of consumption' as one of the assumption to the law of diminishing marginal utility means_

• Every additional consumption is of better quality

• Every additional consumption is of improved size

• Variety in consumption

• Homogeneous consumption

Ordinal measurement of utility is popularly known as

• Indifference curve analysis

• Law of diminishing marginal utility

• Consumer's equilibrium

A set of combination of two goods which offer the consumer the same level of satisfaction is known as

• Indifference curve

• Consumer's equilibrium

Shape of the indifference curve is

• Concave to the point of origin

• Convex to the point of origin

A diagrammatic presentation of an indifference set is known as

• Indifference map

• Indifference curve

• Indifference line

• Monotonic curve

A line showing different possible combinations of two goods, which consumer can buy, given his income and prices of two goods prevailing in the market is called_

• Budget line

• Income line