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Theory Of Consumer Behaviour

Question

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Why is MRS always diminishing?

Solution

Because for every increase in quantity of good-1, the consumer will be willing to sacrifice lesser quantity of good-2.

Some More Questions From Theory Of Consumer Behaviour Chapter

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?

What is meant by one good being complementary to another.

Give an example of a pair of commodities that are substitutes of each other.

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