LS5-THEORY OF CONSUMER BEHAVIOUR PT1

A method of analysis that draws conclusions from data rather than general Principles already known is________

Deductive reasoning

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Inductive reasoning

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Normative reasoning

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Positive reasoning

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One of these is not an assumption of the cardinalist theory of utility?

The consumer is rational

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Diminishing marginal utility

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The concept of money utility

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Consistency and transivity of choice

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In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

Marginal utility

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Form utility

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Place utility

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Total utility

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Utility is the satisfaction derived from____________

Production

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Distribution

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Consumption

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Demand

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By utility we mean____________

Beneficial

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Power of satisfying a want

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Advantageous

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Consumable

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Changing the structure of a commodity in order to increase its utility is called?

Time utility

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Form utility

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Marginal utility

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Place utility

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The law of diminishing marginal utility states:

The supply curve slopes downward

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Your utility grows at a slower and slower rate as you consume more and more unit of a good.

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The elasticity of demand is infinite

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None of the above

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Consumers allocate their resources based on the ______?

Law of diminishing marginal utility

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Value in use and value in exchange principle

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Law of returns to scale

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Diamond and water paradox

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The concept of marginal utility indicates the relationship between utility and _________?

Price

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Satisfaction

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Cost

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Revenue

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All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

An indifference curve

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An exceptional demand curve

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A budget line

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An isoquant map

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LS5-THEORY OF CONSUMER BEHAVIOUR PT1

LS5-THEORY OF CONSUMER BEHAVIOUR PT1

Thomas Bamidele February 9, 2024

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