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Theory Of Consumer Behaviour

Question

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When does a good is called 'Inferior Good'?

Solution

If the income effect of a commodity is negative, it is called 'Inferior Good'.

Some More Questions From Theory Of Consumer Behaviour Chapter

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.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

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