When the marginal utility of a commodity is zero the total utility is
At its minimum
Upward-sloping
Downward-sloping
At its maximum
Correct answer is D
No explanation has been provided for this answer.
An inverse relationship between price and quantity demanded implies that
The two variables change in opposite directions
The two variables change in the same direction
Only one variable changes
The two variables remain unchanged
Correct answer is A
No explanation has been provided for this answer.
A buyer who haggles in the market is applying the principle of
Choice
Price mechanism
Opportunity cost
Utility maximization
Correct answer is D
No explanation has been provided for this answer.
The price-quantity ratios are equal
Equal amounts of X and Y are consumed
Less of Y and more of X are consumed
Less of X and more of Y are consumed
Correct answer is A
No explanation has been provided for this answer.
The technical relationship between input combination and maximum attainable output is called
A production function
An indifference curve
An isocost
An isoquant
Correct answer is A
No explanation has been provided for this answer.