COPRA applies to ________.
Say True or False.
(i) COPRA applies only to goods.
(ii) India is one of the many countries in the world which has exclusive courts for consumer redressal.
(iii) When a consumer feels that he has been exploited, he must file a case in the District Consumer Court.
(iv) It is worthwhile to move to consumer courts only if the damages incurred are of high value.
(v) Hallmark is the certification maintained for standardisation of jewellry.
(vi) The consumer redressal process is very simple and quick.
(vii) A consumer has the right to get compensation depending on the degree of the damage.
A consumer consumes only two goods. For the consumer to be in equilibrium why must marginal rate of substitution be equal to the ratio of prices of the two goods? Explain.
OR
A consumer consumes only two goods. Why is the consumer in equilibrium when he buys only that combination of the two goods that is shown at the point of tangency of the budget line with an indifference curve? Explain.
Explain when a consumer, consuming only two commodities X and Y, attains equilibrium under the utility approach.