CUET Economics Mock Test Unit II Consumer Behaviour and Demand Set B

1. In the context of producer’s equilibrium which one is wrong

2. Diagrammatic presentation of consumer’s indifference set is called ?

3. An indifference curve is related to

4. Inferior goods are those whose income effect is :

5. The graphic presentation of a table showing price and demand relationship for a commodity in the market is called :

6. At the mid-point of as straight line downward sloping demand curve, elasticity of demand (Ed) is

7. A consumer demands 5 units of a commodity at the price of ₨4 per unit. He demands 10 units when the price falls to Rs3 per unit. Price elasticity of demand is equal to :

8. When average product (output) increase, marginal product is :

9. What does break- even point indicate?

10. When TU is increasing at a diminishing rate, MU must be :

11. According to IC analysis , a consumer attains equilibrium when :

12. Which of the following pairs represents substitute goods ?

13. When total expenditure increases in response to decrease in the price of the commodity the elasticity of demand is :

14. Difference between TR and TC is maximum when

15. What will be the condition of total utility when marginal utility stays positive ?

16. How are goods X and Y when, as a result of rise in the price of good-X , demand for good-Y increases ?

17. When percentage change in demand is less than percentage change in price, demand is:

18. If the consumer consume only one commodity ‘X’ he will be in equilibrium when : [Here, MUx= Marginal utility of the good X (in terms of money); Px= Price of good –X]

19. Suppose the total cost of production of a commodity X is 1,25,000 out of which implicit cost 35,000 and normal profit is 25,000. What would be the explicit cost of commodity?

20. Variable Costs are a function of —*