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Theory Of Consumer Behaviour

Question

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What is the maximum number of Indifference curves of a consumer?

Unlimited numbers of Indifference curves

Upto his maximum satisfaction level

Depends upon his Budget line

Equal to various bundles of budget sets

Solution

A.

Unlimited numbers of Indifference curves

Some More Questions From Theory Of Consumer Behaviour Chapter

Distinguish between 'Change in demand' and 'Change in quantity demanded of a commodity'.

Starting from an initial situation of consumer's equilibrium, suppose that marginal utility of a rupee increases. Will it increase or decrease the quantity demanded of the product?

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

What is meant by marginal rate of substitution (MRS)?

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

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