Micro Economics MCQ (GK Set-1) with Answers

The market demand curve represents the individual demand curves of all consumers added together

The market demand curve may shift if there is a change in the behaviour of some households which consume the product.

The market demand curve may shift if there is change in the price of the product

The market demand curve may shift if there is a change in the number of consumers who buy the product

The consumer’s total utility will be unaffected

The consumer’s total utility will diminish

The consumer’s marginal utility will diminish

The consumer’s marginal utility will become negative

The consumer is maximizing utility from A and B

The consumer would gain more utility from A and B by consuming more A and less B

The consumer would gain more utility from A and B by consuming less A and more B

The consumer could only gain more utility from A and B by consuming more of both products

The principle of diminishing marginal utility.

The fact that both products concerned are regarded as desirable

The fact that most pairs of products are not perfect substitutes

The fact that the further an indifference curve is from the origin, the more total utility it represents

The shape and position of the consumer’s indifference curves

The price of A

The price of B

The consumer’s income