Gossen's first law is known as

(a)

Law of Equi-Marginal Utility

(b)

Law of Diminishing Marginal Utility

(c)

Law of Demand

(d)

Law of Diminishing returns

The concept of consumer's surplus is associated with

(a)

Adam Smith

(b)

Marshall

(c)

Robbins

(d)

Ricardo

Indifference curve approach is based on

(a)

Ordinal approach

(b)

Cardinal approach

(c)

Subjective approach

(d)

Psychological approach

According to the law of diminishing marginal utility, the utility from the consumption of each additional unit starts _____

(a)

increasing

(b)

diminishing

(c)

multiplying

(d)

none of these

The concept of consumers surplus was introduced by ____

(a)

Alfred Marshall

(b)

J.R. Hicks

(c)

A.C. Pigon

(d)

J.K. Easthan

The __ principle is quite useful in explaining the "water diamond paradox"

(a)

Equi - marginal

(b)

Marginal utility

(c)

Utility

(d)

Total utility

_____ of the following constitute 'demand' in economics

(a)

A desire to buy

(b)

A decision to buy

(c)

The purchasing power

(d)

All the above

In Marshallian analysis, it is assumed that utility can be measured quantitatively in terms of units. These units are called _____

(a)

Utils

(b)

Utility

(c)

Luxuries

(d)

Comforts

If the co-efficient elasticity is equal to zero it represents __ supply.

(a)

Perfectly elastic

(b)

Unitary inelastic

(c)

Relatively elastic

(d)

Perfectly inelastic

Higher Indifference curve indicates ____

(a)

Higher level of satisfaction

(b)

Higher cost

(c)

Lower cost

(d)

Lower level of satisfaction