Question
Economics Question on Consumer’s Equilibrium
| Match List-I with List-II:List-I | List-II |
|---|---|
| (A) Consumer equilibrium | (I) MRS = Ratio of prices |
| (B) Necessity goods | (II) Unit elastic demand |
| (C) Total expenditure decreases with increase in price of the good | (III) Inelastic demand |
| (D) Rectangular hyperbola demand curve | (IV) Elastic demand |
Choose the correct answer from the options given below :
A
(A)-(I), (B)-(III), (C)-(IV), (D)-(II)
B
(A)-(II), (B)-(III), (C)-(I), (D)-(IV)
C
(A)-(III), (B)-(IV), (C)-(I), (D)-(II)
D
(A)-(I), (B)-(II), (C)-(III), (D)-(IV)
Answer
(A)-(II), (B)-(III), (C)-(I), (D)-(IV)
Explanation
Solution
The correct match is based on terms like consumer equilibrium and elastic/inelastic demand.