+91-8076753736 support@wiredfaculty.com

Sponsor Area

Theory Of Consumer Behaviour

Question

Wired Faculty App

Explain why the budget line is downward sloping?

Solution

Because a consumer can buy extra unit of one good (say good x) by sacrificing some units of other good (say good y) within the given income.

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?

Mock Test Series

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation