Total utility is
A) the sum total of marginal utilities
B) entire utility derived from whole consumption
C) increases at a diminishing rate
D) all the above
Correct Answer:
Verified
Q8: According to Marshall, The law of diminishing
Q9: An indifference curve represent
A)four commodities
B)less than two
Q10: Indifference curve is always
A)concave to the origin
B)convex
Q11: Engel curve for giffen good is
A)positively sloped
B)negatively
Q12: Marginal utility is
A)always zero
B)increases at a diminishing
Q14: When Total utility is increasing at an
Q15: Other things being equal a decrease in
Q16: When price of a product falls, more
Q17: "Utility or satisfaction is a subjective concept;
Q18: Ordinal utility analysis is otherwise known as
A)gossens
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