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Theory Of Consumer Behaviour

Question

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What is meant by a budget constraint?

Solution

Hint. A budget constraint indicates what different bundles of goods a consumer can afford to buy within his given (limited) income.

Some More Questions From Theory Of Consumer Behaviour Chapter

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?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

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