Match List-I with List-II
|
List-I |
List-II |
|
(A) Analysis assumes that level of utility can be expressed in numbers. |
(I) Cardinal Utility |
|
(B) Change in total utility due to consumption of one additional unit of a commodity |
(II) Law of Diminishing Marginal Utility. |
|
(C) Marginal utility from consuming each additional unit of a commodity declines as its consumption increases. |
(III) Marginal Utility |
|
(D) The amount of mangoes that the consumer has to forego in order to get an additional banana, her total utility level being the same. |
(IV) Marginal rate of substitution |
Choose the correct answer from the options given below.
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (A)-(I), (B)-(III), (C)-(II), (D)-(IV)
|
List-I |
List-II |
|
(A) Analysis assumes that level of utility can be expressed in numbers. |
(I) Cardinal Utility |
|
(B) Change in total utility due to consumption of one additional unit of a commodity |
(III) Marginal Utility |
|
(C) Marginal utility from consuming each additional unit of a commodity declines as its consumption increases. |
(II) Law of Diminishing Marginal Utility. |
|
(D) The amount of mangoes that the consumer has to forego in order to get an additional banana, her total utility level being the same. |
(IV) Marginal rate of substitution |