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Question 31 of 50

CUET Economics

Micro

>

Easy

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

✅ Correct Option: 2

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Which of the following statements are correct:

(A) Consumer's preferences are monotonic: If and only if between any two bundles, the consumer prefers the bundle which has more of at least one of the goods and no less of the other good as compared to the other bundle.

(B) The tendency for the MRS to fall with increase in quantity of goods is known as the Law of Diminishing Marginal Rate of Substitution.

(C) A decrease in income causes a parallel outward shift of the budget line.

(D) The budget set is the collection of all bundles that the consumer can buy with their income at the prevailing market prices.

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CUET Economics Past Year Questions (Topic-Wise):

Indian Economic Development

Development Experience (1947-90)
Development Experience of India
Economic Reforms (1991)
Employment
Human Capital Formation
Introduction
Poverty
Rural Development
Sustainable Economic Development

Macro

Balance of Payments
Government Budget
Income & Employment
Introduction
Money & Banking
National Income

Micro

Consumer Behaviour
Forms of Market
Introduction
Market Equilibrium
Production & Costs

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