State whether following statements are right and wrong. ( a) Demand curve slopesdown to the right. (
Question:
State whether following statements are ‘right’ and ‘wrong’.
(
a) Demand curve slopes’down to the right.
(
b) Marginal utility increases in case of prestige goods.
(
c) Income and substitution effects are greater than price effect.
(
d) Consumer equilibrium takes place where MRS = price ratio.
(
e) Revealed preference theory of consumer demand was developed by R.G.D. Allen.
(
f) An indifference curve can be concave to origin.
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