Consumer Equilibrium Using Indifference Curve And Marginal Analyses Jamb Economics Past Questions
Question 1
A consumer of a single commodity is in equilibrium when
- A. he can equate his demand with price
- B. he equates marginal utility and price
- C. he can equate his marginal and total utilities
- D. his marginal utility is equal to zero
Question 2
From the graph above the consumer will attain equilibrium at point_______________
- A. J
- B. K
- C. M
- D. L
Question 3
In the case of highly or close complementary goods, the indifference curve is_______
- A. A straight line
- B. A right-angled
- C. L - shaped
- D. Curvature
Question 4
If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to
- A. shift parallel inwards
- B. rotate outwards away from the origin
- C. rotate inwards towards the origin.
- D. shift parallel outwards
Question 5
In the theory of the consumer behavior, a consumer is said to maximize utility when
- A. Marginal utility of a commodity is equal to the price paid for it
- B. Marginal utility of a commodity X is equal to the price of commodity Y
- C. Average utility of a commodity is equal to the price paid for it
- D. Total utility of a commodity is equal to the price paid for it
