Top 50+ Solved Intermediate Micro Economics 1 MCQ Questions Answer

a. A fall in price of the commodity

b. A fall in income of the consumer

c. A rise in price of the substitute

d. None of these

a. Cardinal utility theorist

b. Ordinal utility theorist

c. Behavioral theorist of the firm

d. None of the above

a. Indifference curve analysis

b. Revealed preference theory

c. Law of substitution

d. Law of diminishing marginal utility

a. Concave to the origin

b. Convex to the

c. L shaped

d. A straight line

a. Positively sloped

b. Negatively sloped

c. Horizontal straight line

d. Vertical straight line

a. Income effect – substitution effect

b. Substitution effect – income effect

c. Income effect + substitution

d. Income effect + substitution effect-

a. Demand increases at a faster rate

b. Demand decreases

c. Demand remains constant

d. Demand curve has a negative slope

a. SARP

b. WARP

c. Both A and B

d. None of the above

a. Positively sloped

b. Backward bending

c. Downward slopping straight

d. Showing constant income effect

a. MRS xy is constant

b. MRS xy is increasing

c. MRS xy is negligible

d. MRS xy is diminishing

a. Always true

b. Always false

c. Sometimes true and sometimes

d. True only if price effect is positive

a. Absence of indifference

b. Presence of indifference

c. No difference between different combinations

d. None of the above

a. A normal good

b. An inferior good

c. A giffen good

d. A complementary good

a. 0.5

b. 1000

c. 2

d. 1

a. Negative one and one

b. zero and infinity

c. zero and one

d. negative infinity and infinity