4. Topic 4(COLON) Consumer Theory and Behaviour

Lesson 4.2: The Equi-marginal Principle And Consumer Equilibrium — Quiz

Test your understanding of lesson 4.2: the equi-marginal principle and consumer equilibrium with 5 practice questions.

Practice Questions

Question 1

What is the purpose of the equi-marginal principle in consumer behavior?

Question 2

If a consumer's budget increases, what is likely to happen to the consumption of goods according to the equi-marginal principle?

Question 3

What happens to a consumer's optimum position when there is a change in the price of a good?

Question 4

The concept of utility is primarily used in economics to measure what?

Question 5

What characterizes indifference curves in consumer theory?