The demand curve for a commodity is downward sloping because the consumer will pay
Less as the marginal utility falls
More as the marginal utility falls
Less as the total utility falls
More as the average utility falls
Correct answer is C
The demand curve is downward sloping, indicating the negative relationship between the price of a product and the quantity demanded. This means that, consumers consume more or less of the commodity. The consumer will be unwilling to pay for a commodity whose total utility is declining
A demand schedule shows the quantities of goods that are
Bought at given price at a time
Supplied at given prices at a time
Produced at given prices at a time
Reserved for future consumption
Correct answer is A
A demand schedule is a table that shows the quantity demanded of a good or service at different price levels.
\(\frac{f_2}{f_1}\)
1 - \(\frac{f_2}{f_1}\)
\(\frac{f_2}{f_1}\) - 1
\(\frac{f_1}{f_2}\)
Correct answer is A
No explanation has been provided for this answer.
Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
Unitary elastic
Price inelastic
Fairly elastic
Income inelastic
Correct answer is D
Income inelastic means that consumer demand would not change in response to a change in income.
Presbyopia is a defect of the eye resulting from
weak ciliary muscles
short eyeball
loss of sphericity of the lens
long eyeball
Correct answer is A
No explanation has been provided for this answer.