Answer to Question #293441 in Microeconomics for abeni

Question

Part II: Choose the best answer for the following statements

1. As per Ordinalists, it is assumed that

A. Utility is not measurable   B. Constant marginal utility of money

D. All                                           C. Diminishing marginal   

E. A and C 

2. Which one of the following is False?

A. The demand will be more elastic if there are close substitutes for it.

B. Necessities are more price elastic than luxuries

C. Demand is more elastic in the long run.

D. None

3. At zero unit of out put

A. Total cost is equal to fixed cost

B. Total variable cost is greeter than fixed cost.

C. Fixed cost is equal to zero

D. Variable cost is equal to total cost

4. In imperfect competition

A. Demand curve is elastic

B. Average revenue is negatively sloped

C. There are many sellers

D. Demand curve is up ward sloping

5.Total utility minus total amount of money spent.

A. Consumer deficit          B. Consumer surplus

C. Producer surplus          D. Producer deficit

Answer 1

Multiple Choice

Qn. 1

E

Qn. 2

B

Qn. 3

A

Qn. 4

B

Qn. 5

B