Class XII

An indifference curve is always?
  1. L-shaped
  2. Convex to the origin
  3. A vertical straight line
  4. Concave to the origin
If two negatively sloped demand curves intersect then
  1. The steeper will have higher elasticity
  2. The flatter will have higher elasticity
  3. Elasticity cannot be determined in this case
  4. Elasticity will be same throughout both
An indifference curve indicates, ceteris paribus?
  1. A consumer’s preference for any two goods
  2. Combinations of goods which yield to a consumer different levels of satisfaction
  3. Combinations of goods which yield to a producer different levels of satisfaction
  4. Combinations of goods which yield to a consumer equal degrees of satisfaction
A movement along a given indifference curve is known as?
  1. Price effect
  2. Substitution effect
  3. Income effect
  4. None of above
Consumer’s equilibrium means?
  1. The position of rest or maximum satisfaction with given income and prices
  2. The position of frequent movement in all directions
  3. The position which the consumer cannot attain because his income is low
  4. The point from where the consumer starts his consumption
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