Commerce Exam > Commerce Notes > Economics Class 11 > Worksheet: Theory of Consumer Behaviour- 1
Worksheet: Theory of Consumer Behaviour- 1 | Economics Class 11 - Commerce PDF Download
| Table of contents |
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| Multiple Choice Questions |
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| Match the Following |
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| True or False |
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| Very Short Answers |
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| Short Answers |
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| Long Answers |
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Multiple Choice Questions
Q1: What does the Law of Diminishing Marginal Utility state?
(a) Total utility decreases as the quantity consumed increases.
(b) Marginal utility increases as the quantity consumed increases.
(c) Marginal utility decreases as the quantity consumed increases.
(d) Total utility remains constant regardless of the quantity consumed.
Q2: According to the Indifference Curve analysis, a consumer is in equilibrium at a point where:
(a) Marginal Utility is maximum.
(b) Marginal Rate of Substitution is minimum.
(c) Budget line intersects the Indifference Curve.
(d) Total utility is maximum.
Q3: In the context of consumer behavior, what is the main objective of budget line analysis?
(a) To maximize consumer surplus.
(b) To minimize total expenditure.
(c) To achieve consumer equilibrium.
(d) To determine the consumer's income.
Q4: Which of the following is an example of a normal good?
(a) Luxury cars
(b) Inferior goods
(c) Generic medicines
(d) Second-hand clothing
Q5: When does consumer surplus occur?
(a) When the consumer buys a product at the maximum price.
(b) When the consumer pays less than the maximum price they are willing to pay.
(c) When the consumer buys a product at the minimum price.
(d) When the consumer pays more than the maximum price they are willing to pay.
Match the Following
Q1: Match the following terms:
True or False
Q1: The Law of Diminishing Marginal Utility explains why consumers are willing to pay more for rare items.
Q2: Elastic demand means consumers are less responsive to price changes.
Q3: Consumer equilibrium is achieved when the consumer spends all of their income.
Q4 Inferior goods have a positive income elasticity of demand.
Q5 Perfect competition is an example of a market structure where firms have monopoly power.
Very Short Answers
Q1: Define Marginal Utility.
Q2: Explain the Law of Demand.
Q3: What is an Indifference Curve?
Q4: Differentiate between Normal Goods and Inferior Goods.
Q5: Define Consumer Surplus.
Short Answers
Q1: Explain the concept of Consumer Equilibrium.
Q2: Discuss the factors that can shift the demand curve.
Q3: Describe the concept of Elasticity of Demand.
Q4: Discuss the concept of Income Elasticity of Demand.
Q5: Explain the concept of Price Elasticity of Supply.
Long Answers
Q1: Discuss the Law of Diminishing Marginal Utility with an example.
Q2: Explain the concept of Consumer Surplus and its significance.
Q3: Discuss the factors that can influence consumer preferences.
Q4: Explain the concept of Price Elasticity of Demand and its practical implications for businesses.
Q5: Discuss the role of advertising in influencing consumer choices and market demand.
The document Worksheet: Theory of Consumer Behaviour- 1 | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on Worksheet: Theory of Consumer Behaviour- 1 - Economics Class 11 - Commerce
| 1. What is the theory of consumer behavior? |  |
Ans. The theory of consumer behavior is a study that focuses on how consumers make decisions to spend their available resources on different goods and services to maximize their utility.
| 2. What are the key factors influencing consumer behavior? | |
Ans. Some key factors influencing consumer behavior include income levels, preferences, prices of goods and services, advertising, and cultural influences.
| 3. How does consumer behavior impact the market? | |
Ans. Consumer behavior plays a significant role in shaping the demand for products and services in the market. Understanding consumer behavior helps businesses tailor their marketing strategies to better meet consumer needs and preferences.
| 4. What are the different types of consumer behavior? | |
Ans. Some common types of consumer behavior include habitual buying behavior, variety-seeking behavior, dissonance-reducing buying behavior, and complex buying behavior.
| 5. How can businesses use consumer behavior theory to their advantage? | |
Ans. By understanding consumer behavior, businesses can develop targeted marketing campaigns, improve product design, pricing strategies, and customer service to attract and retain customers.
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Nov 03, 2024 Last updated |
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