Good X and Y are considered to be substitutes by a consumer. He is currently consuming good X. If the price of Good Y decreases, then arrange the following in correct sequence.

(A) Demand for Good X decreases.

(B) Consumer finds Good Y to be relatively cheaper than Good X.

(C) Demand curve for Good X shifts to the left.

(D) Consumer shifts from Good X to Good Y.

Choose the correct answer from the options given below:

Find the correct statement/statements.

(A) Goods which are consumed together are called complementary goods.

(B) The market demand curve can be derived as a vertical summation of the individual demand curves.

(C) Price elasticity of demand is a measure of the responsiveness of the demand for a good to changes in its price.

(D) If the consumer's preferences change in favor of a good, the demand curve for such a good shifts leftward.

Choose the correct answer from the options given below:

Which of the following statements correctly describes the nature of indifference curve ?

(A) Indifference curve slopes downwards from left to right

(B) A lower indifference curve represents lower cost to consumer

(C) A higher indifference curve gives higher level of satisfaction

(D) Two indifference curves never intersect each other

(E) Indifference curves are always parallel to each other

Choose the correct answer from the options given below :

An explanation for a downward sloping demand curve rests on the notion of :

"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". Such preferences are known as

Match List-I with List-II

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Given the prices of goods and income of the consumers, the consumer can buy any bundle (X$_1$, X$_2$) such that P$_1$X$_1$ + P$_2$X$_2$ ≤ M. This inequality in the above equation is called__________.