Theory of Consumer behaviour

Which of the following statements regarding utility is/are not true?
1. It is satisfying of a commodity
2. A utility is always miserable
3. It helps a consumer to make choices
Choose the correct options given below:

Which of the following utility approach is based on the theory of Alfred Marshell?

Which utility is added to the total utility by consuming one additional unit of the commodity?

Which of the following is correct with respect to ‘Law of Diminishing Marginal Utility’?

The amount of a good that the consumer chooses optimally depends upon?
1. The price of the good itself
2. The prices of other goods
3. The consumer\’s income
4. Tastes and preferences
Choose the correct answer using the options given below:

Which of the following is/are correct with respect to ‘Giffen goods’?
1. The demand for such a good can be inversely or positively related to its price depending on the relative strengths of these two opposing effects.
2. If the income effect is stronger than the substitution effect, the demand for the good would be positively related to its price.
The correct statement(s) is/are:

The price elasticity of demand for a good depends on:
1. The nature of the good
2. The availability of close substitutes of the good.
Select the correct answer using the options given below:

Consider the following statements:
1. The demand curve is generally downward sloping.
2. The market demand curve represents the demand of all consumers in the market
taken together at different levels of the price of the good.
The correct statement(s) is/are:

Consider the following:
1. Land
2. Labour
3. Capital
4. Entrepreneurship
Which of the above items are factors of production?

With reference to the features of a perfectly competitive market, consider the following statements:
1. All firms in the market produce certain heterogeneous goods /services.
2. In such a market buyers must accept the prevailing prices but the sellers have the freedom to influence the prices.
Which of the statements given above is/are correct?

In economics, one often encounters the concept of opportunity cost. What does opportunity cost mean?

Which of the following statements is/are correct regarding a “Unit tax”?

Demand of a product/service is generally dependent upon which of the following factor/factors?
1. Price of that product/service
2. Price of alternative products
3. Increase in consumers’ income
4. Change in consumers’ tastes and preferences
Select the correct answer using the code given below:

In the context of marginal products consider the following statements:
1. Marginal products are reductions to total products.
2. Marginal product is the change in output per unit of change in input when all other inputs are held constant.
Which of the statements given above is/are correct?