MCQ Economics Class 12 Chapter 2 Theory of Consumer Behavior Microeconomics

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MCQ’s For All Chapters – Microeconomics Class 12th

1. What is meant by utility of a commodity?

Question 1 of 20

2. Why is utility considered subjective?

Question 2 of 20

3. What does Total Utility represent?

Question 3 of 20

4. If total utility from 4 bananas is 28 units and from 5 bananas is 30 units, what is the marginal utility of the 5th banana?

Question 4 of 20

5. What happens to marginal utility as consumption of a commodity increases, according to the law of diminishing marginal utility?

Question 5 of 20

6. When does marginal utility become zero?

Question 6 of 20

7. What is the relationship between price and quantity demanded according to the law of demand?

Question 7 of 20

8. Which axis represents price in an individual demand curve?

Question 8 of 20

9. Why does an individual demand curve generally slope downward?

Question 9 of 20

10. What is an indifference curve?

Question 10 of 20

11. Why does an indifference curve slope downward?

Question 11 of 20

12. What does the Marginal Rate of Substitution measure?

Question 12 of 20

13. What does the law of diminishing marginal rate of substitution state?

Question 13 of 20

14. What is the usual shape of an indifference curve under diminishing MRS?

Question 14 of 20

15. What is the shape of an indifference curve for perfect substitutes?

Question 15 of 20

16. What is an indifference map?

Question 16 of 20

17. Which bundle is preferred under monotonic preferences?

Question 17 of 20

18. Why can two indifference curves not intersect each other?

Question 18 of 20

19. What is the budget set?

Question 19 of 20

20. Which equation represents the consumer's budget constraint?

Question 20 of 20


 

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