Question : An indifference curve measures the same level of:

Option 1: output from two factors

Option 2: satisfaction from two commodities

Option 3: satisfaction from income and capital

Option 4: satisfaction from expenditure and saving

Question : Indifference curves are concave to the origin because of:

Option 1: Diminishing marginal utility

Option 2: Increasing marginal utility

Option 3: Constant marginal utility

Option 4: Zero marginal utility

Question : The consumer gets maximum satisfaction at the point where:

Option 1: Marginal utility = Price

Option 2: Marginal utility > Price

Option 3: Marginal utility < Price

Option 4: Marginal cost = Price

Question : The indifference curve's slope is calculated using:

Option 1: Marginal Rate of Substitution

Option 2: Marginal Opportunity Cost

Option 3: Marginal Rate of Transformation

Option 4: None of these

Question : Which of the following cost curve is never  'U' shaped?

Option 1: Marginal cost curve .

Option 2: Average variable cost curve .

Option 3: Average fixed cost curve .

Option 4: Average cost curve