CBSE Questions for Class 11 Commerce Economics Theory Of Consumer Behaviour Quiz 5 - MCQExams.com

Petrol and diesel are _______.
  • complementary goods
  • substitute goods
  • unrelated goods
  • none of the above
The demand for complementary goods shows ______ relation.
  • positive
  • negative
  • no relation
  • none of the above
According to law of demand ________.
  • higher the price higher the production of the product
  • higher the price lower the cost of production
  • lower the price higher the demand for the product
  • higher price higher the quantity the more the consumer demand
Sugar and coffee are _______ goods.
  • complementary
  • perfect substitute of each other
  • both (A) and (B)
  • unrelated
The demand of substitute goods shows a ________ relation.
  • positive
  • negative
  • no relation
  • none of the above
Two commodities X and Y goods can be inferred as close substitute of each other if :
  • Increase in price of one leads to increase in demand of other and vice versa
  • Increase in price of one leads to decrease in demand of other and vice versa
  • Fall in price of one lead to fall in demand of other one
  • Increase in price of one leads to increase in demand of other one
If the price of sugar increase, the demand for coffee will _______.
  • fall
  • increase
  • not affected
  • no relation
According to Modern approach, law of demand is built around the ______.
  • income effect
  • substitution effect
  • both (A) and (B)
  • none of the above
If price of tea increase the demand of coffee will _______.
  • increase
  • decrease
  • remain same
  • cannot say
Decreases in price of a product results in increased consumption of the product as the product becomes cheaper compared to other products.This effect is known as _______.
  • substitution effect
  • income effect
  • diminishing marginal utility concept
  • law of diminishing returns
Increase in price of a product reduces the purchasing power as a result of which demand for a product goes down. This is known as _____.
  • substitution effect
  • income effect
  • diminishing marginal utility concept
  • law of diminishing returns
Demand of conspicuous goods ________ with decrease in price.
  • increases
  • decreases
  • remains same
  • any of the above 
Two commodities X and Y goods can be inferred as complementary to each other if ________.
  • increase in price of one leads to increase in demand of other and vice versa
  • increase in price of one leads to decrease in demand of other and vice versa
  • fall in price of one lead to fall in demand of other one
  • increase in price of one leads to increase in demand of other one
Demand of conspicuous goods _______ with increase in price.
  • increases
  • decreases
  • remains same
  • any of the above
The demand function of a product x is dx=12-2Px, where Px stand for price. Find the aggregate quantity demanded if the price is Rs.5 assuming that there are 5000 customers________.
  • 40,000
  • 30,000
  • 20,000
  • 10000
The demand function of a product x is as dx=12-2Px, where Px stand for price. If there are 5000 customers for the product,the aggregate market demand for the product at market price Rs.2 will be ______.
  • 40,000
  • 30,000
  • 20,000
  • 16,000
The demand function of a product x is as dx=12-2Px, where Px stand for price the quantity demanded if the price is 5 will be _______.
  • 8
  • 2
  • 5
  • 10
The demand function of a product x is dx=14-3Px, where Pz stand for price and dx for demand. At what market price the aggregate demand will be 10,000 if there are 5000 customers?
  • 4.5
  • 3
  • 2.5
  • 4
The demand function of a product x is as dx=15=3Px, where Px stand for price. If there are 6000 customers for the product,the aggregate market demand for the product at market price Rs.3 will be _______.
  • 30,000
  • 24,000
  • 36,000
  • 28,000
The demand function of a product x is as dx=12-2Px, where Px stand for price. If an individual Y has a demand of 6 units of the product the market price of the product will be _______.
  • Rs.4
  • Rs.5
  • Rs.3
  • Rs.4.5
The demand function of a product x is as dx=12-2Px, where Px stand for price. The quantity demanded corresponding to price of Rs.2 will be ________.
  • 8
  • 6
  • 5
  • 10
An indifference curve represent combination of two goods that a consumer _______,
  • can afford to buy
  • desire to buy
  • view as equally desirable
  • view perfectly substitute of one another
Indifference curve cannot intersect each other because _________.
  • two difference satisfaction lines cannot have a common point
  • technically impossible to draw such lines
  • of operation of marginal utility theory
  • of operation of increasing cost theory
The theory of indifference curve analysis was coined by _________.
  • Hicks-Allen
  • Adman Smith
  • Keynes
  • Alfred Marshall
Which of these is a property of an indifference curve?
  • Negative slope
  • Concave to origin
  • Two indifference curves have a point of intersection
  • Always a straight line
Indifference curve shows ________.
  • various combination of two commodities that gives a level of consumer satisfaction
  • various combinations of two commodities that a consumer can buy
  • various combinations of two goods that give same value for money
  • various combinations of two goods that give same level of consumer surplus
The demand for a product is 25 units when the price is Rs.10,however the demand rises to 26 when the price is reduced to Rs.9.9 per unit.If the price is increased to Rs.11 per unit and the demand sharply falls to 20 unit,we can say that the goods are _______.
  • essential goods
  • luxury goods
  • inferior goods
  • none of the above
The individual demand and supply curve of a product are Dx=12-2px, where Px stand for price and Dx stand for quantity demanded.If there are 5000 consumers for the product. What is the aggregate demand if the market price is Rs.4.20 per unit ? 
  • 20,000
  • 22,000
  • 19,000
  • 18,000
The demand for a product is 25 units when the price is Rs.10.If  the price is reduced to Rs,9 per unit the demand for the product instead of increasing fall down to 24 units,the goods can be _______.
  • essential goods
  • luxury goods
  • inferior goods
  • none of the above
Indifference curves cannot be a straight line as it would implies _______.
  • constant marginal rate of substitution
  • increasing marginal rate of substitution
  • increasing return to scale
  • none of the above
Indifference curve shows combinations of ________ commodities giving same level of satisfaction.
  • 1
  • 2
  • 3
  • 4
If indifference curves is concave to the origin it would implies _____________.
  • constant marginal rate of substitution
  • increasing marginal rate of substitution
  • increasing returns to scale
  • none of the above
Which of these is/are properties of an indifference curve?
  • Never cross each other
  • Convex to origin
  • Higher indifference curve shows higher level of satisfaction
  • All of the above
Given the budget line a consumer will try to opt for _______ level of indifference curve.
  • higher
  • lower
  • remains the same
  • none of the above
Indifference curve are convex to the origin due to ________.
  • diminishing marginal rate of substitution
  • increasing marginal rate of substitution
  • constant return to scale
  • all of the above
Indifference curve will be a right angled straight line only when the goods are _________.
  • perfectly complementary to each other
  • close substitute
  • totally unrelated
  • none of the above
Lower indifference curve implies _______.
  • lower level of satisfaction
  • higher price
  • lower price
  • lower cost of production
Higher indifference curve imply ________.
  • lower level of satisfaction
  • higher level satisfaction
  • higher cost of production
  • lower cost of production
If two goods are on the same indifference curve, then the customer gets ________.
  • same level of utility /satisfaction from each of them
  • same at the same cost
  • the same in equal quantity
  • all of the above
Slope of price line is equal to _______.
  • marginal utility of each product
  • ratio of quantity consumed of each good
  • ratio of price of two goods
  • ratio of cost of production of two goods
Ball pen and gel pen are ________.
  • unrelated goods
  • complementary goods
  • close substitute goods
  • Giffen goods
_______ refers to the relationship of quantity demanded of a good with one or more related variable which have an influence on the demand.
  • Law of demand
  • Law of supply
  • Law of consumer behaviour
  • Law of supplier behaviour
Demand or tender of delivery is treated as ineffectual unless
  • demanded properly
  • accompanied with payment
  • made at a reasonable hour
  • with prior notice
The concept of consumer surplus was propounded by ________.
  • Alfred Marshall
  • Pigou
  • Adam Smith
  • Robbins
Which of these pairs of goods can be treated close substitutes?
  • Tea and coffee
  • Tea and chocolate
  • Tea and biscuits
  • Tea and banana
If two products are perfectly complementary to each other, their indifference curve will be _______.
  • T shaped
  • L shaped
  • U shaped
  • I shaped
Budget line shows ________.
  • combination of two commodities that a consumer can buy within same budget
  • combination of two commodities that a producer can produce at same cost
  • combination of two commodities that a consumer can consume to have same utility
  • all of the above
In which of the following cases an increase in the price of Product A will lead to fall in demand of product B?
  • If A and B are complementary products
  • If A and B are inferior products
  • If A and B are perfect substitute of each other
  • If both are luxury goods
If price decrease the supplier expects_____.
  • quantity demanded to increase
  • quantity demanded to remain same
  • quantity demanded to go down
  • supply to increase
__________ is associated with traditional approach to law of demand.
  • Alfred Marshall
  • A. Samuelson
  • Adam Smith
  • Karl Marx
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