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What is utility

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Reference no: EM133066307

Q1. What is utility? What are the types of utilities?

Q2. What is price discrimination? What are its types

Q3. What is the difference between Monopoly and Monopolistic competition?

Q4. What is the relationship between Total utility and Marginal Utility? Explain with the help of a table schedule

Q5. What is the difference between Returns to factors and returns to scale?

Q6. What are the features of perfect competition?

Q7. Explain the four factors of production with example

Q8. True/False

  1. Indifference curve approach was propounded by Alfred Marshall.
  2. The law of Diminishing marginal utility is based on Cardinal Utility.
  3. Indifference curve always slopes upward to the left
  4. A higher indifference curve represents lower level of satisfaction
  5. Monopoly and monopolistic competition are synonymous to each other
  6. Capital, Entrepreneur, Land and Labor are 4 factors of productions in economy
  7. In perfect competition, products have no close substitutes
  8. Market refers to a structure in which buyers and sellers of the commodity remain in close contact for making transactions. 
  9. Law of variable proportions is based on law of diminishing marginal proportions
  10. TP is at its maximum when MP is also maximum

Reference no: EM133066307

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