1.<\/strong> If the price of commodity Y decreases, all other things remaining constant the consumer equilibrium quantity will <\/p>\n 2.<\/strong> An increase in the price of Y will <\/p>\n 3.<\/strong> The decrease in the price of a commodity can be said to be <\/p>\n 4.<\/strong> The movement along the same indifference curve is caused by <\/p>\n 5.<\/strong> The total effect of price change is the <\/p>\n 6.<\/strong> The concept of consumer surplus was first developed by <\/p>\n 7.<\/strong> When Consumer income increases and the demand for a particular product also increases, such a product can be regarded as <\/p>\n 8.<\/strong> Consumer surplus <\/p>\n
\na. increase
\nb. decrease
\nc. remain constant
\nd. either increase or decrease<\/p>\n
\na. increase the equilibrium quantity bought
\nb. decrease consumer equilibrium
\nc. leave no change to consumer equilibrium
\nd. result in zero equilibrium quantity<\/p>\n
\na. an increase in the level of real income
\nb. a decrease in the level of real income
\nc. an increase in the level of nominal income
\nd. a decrease in the level of consumer equilibrium<\/p>\n
\na. Changes in the combinations of the two commodities
\nb. Increase in the combinations of the two commodities
\nc. Increase in the prices of the two commodities
\nd. A decrease in the prices of the two commodities<\/p>\n
\na. the sum of both income and substitution effects
\nb. the sum of demand and supply
\nc. income effect minus substitution effect
\nd. total effect minus income effect<\/p>\n
\na. Alfred Marshall
\nb. Adam Smith
\nc. Richard Lipsey
\nd. John Keynes<\/p>\n
\na. Abnormal
\nb. Normal
\nc. Inferior
\nd. Giffen<\/p>\n
\na. measures the difference between the sum of values that consumers place on their total consumption and the actual amount they pay
\nb. is the excess of product bought by the consumers
\nc. is the excess demand of the rich
\nd. is the total demand for a commodity<\/p>\n