Consumer surplus tends to be higher when demand is
inelastic
perfectly elastic
elastic
unitarily elastic
One of the assumptions of ordinal utility theory is that
choice is not consistent
utility can be ranked
total utility is a function of price
satisfaction is measurable
The law of diminishing marginal utility explains why
the slope of a normal demand curve is negative
an abnormal demand curve slopes upwards
the slope of a normal demand curve is positive
the consumption of inferior goods increases with income
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
₦1.50
₦0.40
₦1.00
₦2.00
A set of factors that can shift the supply curve are changes in
weather, price and technology
technology, weather and population
technology, price and taste
population, price and taste
