Question : What is the name of the law that causes the demand curve to slope downward?

Option 1: Consumer equilibrium

Option 2: Utility minimization

Option 3: Utility maximization

Option 4: Diminishing marginal utility

Question : Law of Demand violations include:

Option 1: Substitution effect is negative

Option 2: Income effect is negative

Option 3: Negative income effect is less than substitution effect

Option 4: Negative income effect is greater than substitution effect

Question : What is the First Law of Gossen?

Option 1: Law of Equi-marginal utility

Option 2: Law of Diminishing marginal utility

Option 3: Law of supply

Option 4: Law of demand

Question : The law of diminishing marginal utility states that:

Option 1: Marginal utility increases as consumption increases

Option 2: Total utility decreases as consumption increases

Option 3: Marginal utility decreases as consumption increases

Option 4: Total utility remains constant as consumption increases

Question : Which of the following is the assumption of the law of demand?
A: The commodity's price should not change.
B: The quantity requested should not change.
C: Substitute prices should not change.

Option 1: Only A correct 

Option 2: B and C are correct

Option 3: Only C correct

Option 4: A, B, and C all are correct.