Condition for equilibrium under diminishing marginal utility

Law of equi marginal utility is also called as

Which among the following is not correctly matched
A) Limited resource                         -law of equi marginal utility
B) Unlimited or given resource        -law of diminishing marginal utility
C) Utility                                          - measured in terms of degrees
D) Utility                                           -measured in terms of utils

Equilibrium under many commodities and same price for law of equi marginal utility is given by

Equilibrium under two or more than two commodities under law of substitution is given by

Concept of consumer surplus was given by

Consumer surplus is defined as

Consumer surplus is

Consumer surplus can be stated as

J R Hicks and Allen gave

Ordinal utility means

Which of the following is the assumption of indifference curve approach

Assumption of convexity in indifference curve means

Indifference map is

Indifference curve is

Higher indifference curve means

Marginal rate of substitution between good X and Y is stated as

Diminishing marginal rate of substitution between good X and Y means

Slope of indifference curve is

A line that shows all possible combinations of two goods that can be bought with the given amount of income is called as

Budget line is also called as

Indifference curves

Equilibrium equation under indifference curve method is given by (for two goods X and Y, p = price)

Conditions of equilibrium under indifference curve are

Which of the following is incorrect regarding Indifference curves

With nominal income fixed, what happens to real income when prices fall, it!

Formula for real income is given by

Change in quantity demanded due to change in price, with nominal income constant is called as

Substitution effect is described as

Price effect is equal to

Effect Substitution effect is

Change in quantity demanded to due to change in real income is called as

Under Hicksian substitution effect

Under Slutsky substitution effect

Compensating variation in income is

That variation in income which keeps consumers real income unch
Equivalent variation in income is

Cost difference is represented as (A = change)

Income effect is

As the income of family increases the proportion of income spent on necessities falls
and that on luxury increases, this statement is given under which law

Which statement regarding Engel's curve is incorrect
A) Necessities or normal goods            -upward sloping or convex
B) Luxuries                                           -upward sloping or concave
C) Inferior goods                                   -backward bending
D) Neutral goods                                  -parallel to y axis

Neutral goods are goods whose quantity demanded

Engel's expenditure curve states the relationship between

Giffen goods have

The goods whose consumption increases with the increase in price are

Which statement regarding inferior goods are correct

Pick the odd one out (C = cross elasticity of demand)

For giffen goods income effect is

For inferior goods income effect is

Income effect is negative for which goods

If increase in price of one good leads to increase in quantity demanded of the other good and vice versa the goods in question are