Question : To ensure maximum consumer satisfaction:

Option 1: There is no relation between marginal utility and price.

Option 2:  The marginal utility of a good should be greater than its price.

Option 3: The marginal utility of a good should be equal to its price.

Option 4: None of the above

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 consumer's equilibrium is attained at the point where:

Option 1: Marginal utility is zero

Option 2: Marginal utility is positive

Option 3: Marginal utility is equal to price

Option 4: Marginal utility is equal to income

Question : The concept of the consumer's surplus is based on the difference between:

Option 1: Total utility and marginal utility

Option 2: Total utility and price

Option 3: Total utility and consumer income

Option 4: Price and consumer income

Question : According to the principle of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.

Question : According to the law of diminishing marginal utility, as a consumer consumes more of a good:

Option 1: The total utility derived from the good increases at a decreasing rate.

Option 2: The marginal utility derived from the good increases at a decreasing rate.

Option 3: The total utility derived from the good decreases at a decreasing rate.

Option 4: The marginal utility derived from the good decreases at a decreasing rate.