Match List-I with List-II: Choose the correct option from those given below:List-I List-II (a) Various combinations that a consumer can purchase (i) Indifference map (b) Various combinations of two commodities providing equal satisfaction to consumer (ii) Indifference curve (c) A set of indifference curves (iii) Budget line (d) Point of tangency of a budget line on an indifference curve (iv) Consumer's equilibrium
(a)-(iii), (b)-(ii), (c)-(i), (d)-(iv)
The matches are (a)–(iii), (b)–(ii), (c)–(i), (d)–(iv). A budget line shows bundles exhausting the budget; an indifference curve shows equal-utility bundles; an indifference map is a family of such curves. With the usual convex preferences and an interior optimum, tangency identifies consumer equilibrium.
Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
