Which of the following is called gossans first law
A) law of substitution
B) law of equi marginal utility
C) law of diminishing marginal utility
D) none of the above
Correct Answer:
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Q11: The basic doctrine of consumers surplus is
Q12: According to Marshall, The law of diminishing
Q13: Indifference curve is always
A)concave to the origin
B)convex
Q14: Price effect is
A)income effect - substitution effect
B)substitution
Q15: For a giffen good, when price falls
A)demand
Q16: Inferior goods are the goods with
A)falling income
Q18: According to Marshall consumer surplusis:
A)total utility -
Q19: If both the products X & Y
Q20: Which of the following statement is TRUE
Q21: If negative income effect is less than
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