Q.21)-Marginal utility is equal to average utility at that time when average utility is-
  • Increasing
  • Maximum
  • Falling
  • Minimum
Q.22)-At point of satiety, Marginal Utility is-
  • Zero
  • Positive
  • Maximum
  • Negative
Q.23)-Which of the following is the second law of Gossen?
  • Law of equi-marginal utility
  • Law of equi-product
  • Theory of indifference curve
  • Law of diminshing marginal utility
Q.24)-Total Utility of a commodity is measured by which price of that commodity?
  • Value in use
  • Value in exchange
  • Both of above
  • None of the above
Q.25)-Irfaan loves black coffee. A roadside stall selling a cup of black coffee at. 120 offered 25% discount to Irffan. If Irfaan was willing to pay event Rs. 200 for this cup of black coffee, Irfaan's consumer surplus is
  • 90
  • 80
  • 30
  • 110
Q.26)-The minimum price at which I was willing to sell my old TV was Rs. 7,000. I quoted Rs. 12000 while selling it, but sold for Rs. 10,500. This transaction generated
  • Rs. 3,500 worth of consumer surplus
  • Rs. 5,000 worth of consumer surplus
  • Rs. 5,000 worth of producer surplus
  • Rs. 3,500 worth of producer surplus
Q.27)-The minimum price at which I was willing to sell my old TV was Rs. 37,000. I quoted Rs. 50,000 while selling it, but it sold for Rs. 42,000. This transaction generated_______.
  • Rs 5000 worth of consumer surplus
  • Rs 8000 worth of consumer surplus
  • Rs 5000 worth of producer surplus
  • Rs 8000 worth of producer surplus
Q.28)-If hiring an extra worker increases a brick making unit's output from 2000 to 2250 units per day, but the factory has to reduce the price of its brick from Rs 15 to Rs 14 per brick to sell the additional output,the marginal revenue poduct of the last worker is
  • Rs 1500
  • Rs 250
  • Rs 3000
  • Rs 100
Q.29)-Reema wants to buy a certain designer party dress. The shop is offering a discount of 20% on that dress which is marked at Rs 5000. if Reema was willing to pay even Rs 7000 for that dress, Reema's consumer surplus is
  • Rs 3000
  • Rs 2000
  • Rs 1000
  • Rs 7000
Q.30)-An increase in price will _______.
  • Increase consumer surplus
  • Decrease consumer surplus
  • Have no affect on consumer surplus
  • Decrease producer surplus