List of top Economics Questions on Consumer’s Equilibrium

A consumer spends his entire income on goods \(X\) and \(Y\). The price of \(X\) is \(₹20\) per unit and the price of \(Y\) is \(₹10\) per unit. If his income is \(₹400\), which of the following combinations lies on his budget line?
A consumer reaches equilibrium when:
Define Utility.
Explain the Law of Demand. What are its assumptions?
What is meant by demand?
When the elasticity of demand is unitary?
The factor affecting elasticity of demand is
If the demand for a good changes by 60% due to 40% change in price, the elasticity of demand will be
Which element is essential for demand?
In which type of goods, price fall does not make any increase in demand?
For normal goods, Law of Demand states the ............. relationship between price of goods and quantity of goods.
The examples of substitute goods are
Price elasticity of demand for Giffen goods is
Consumer's behaviour is studied in
Who basically propounded the concept of Law of Equimarginal utility?
The capacity of a commodity to satisfy human wants is
Which of the following is a characteristic of utility?
Match List-I with List-II:
List-IList-II
(A) Consumer equilibrium(I) MRS = Ratio of prices
(B) Necessity goods(II) Unit elastic demand
(C) Total expenditure decreases with increase in price of the good(III) Inelastic demand
(D) Rectangular hyperbola demand curve(IV) Elastic demand

Choose the correct answer from the options given below :
Suppose a consumer consumes two goods whose MRS = 3. If the price of one good is Rs 30, what is the price of the other good for the consumer to be in equilibrium?
When total utility remains constant the value of marginal utility is