Demand for final consumption arises in
A). Household sector only
B). Government sector only
C). Both household and government sector
D). Neither household nor government sector
An isoquant slopes
A). Downward to the left
B). Downward to the right
C). Upward to the right
D). Upward to the left
The law of consumer surplus is based on
A). Indifference curve analysis
B). Revealed preference theory
C). Law of substitution
D). The law of diminishing marginal utility
In the case of a Giffen good, the demand curve will be
A). Horizontal
B). Downward to the right
C). Upward to the right
D). Vertical
For ____ goods, increase in income leads to increase in demand.
A). Abnormal
B). Normal
C). Inferior
D). Superior