Utility depends upon ……….. (a) intensity of want (b) income of – InterviewSolution

InterviewSolution

1.	Utility depends upon ……….. (a) intensity of want (b) income of a consumer (c) quality of a product (d) cardinal measurement
Answer» Correct option: (a) intensity of want

Discussion

No Comment Found

Related InterviewSolutions

Aditi went to Beauty Parlour to cut her hairs.
Write an informative note on paradox of values along with examples.
Identify and explain the concept from the given illustrations:Nilesh purchased ornaments for his sister.
Following are the various types of utility and their respective examples. Arrange the information in the form of pairs :
Choose the wrong pair :Group ‘A’Group ‘B’1. Prof. MarshallLaw of DMU2. Total utilityUtility from last unit3. Cardinal measurementAssumption of law of DMU4. Service utilityKnowledge by teacher
Choose the wrong pair :Group ‘A’Group ‘B’1. DisutilitNegative MU2. HomogeneityIdentical unit3. Law of DMUExplained by Prof. Gossen4. Maximum TUZero MU
Critically evaluate the law of Diminishing Marginal Utility.OR Explain the limitations or shorcomings of law of DMU.
Consumer’s equilibrium is attained when (a) MUX > Px(b) MUX = Px (c) MUX < Px (d) MUX = zero
Electricity can be used in Fan, TV, iron, computer, etc. because utility is ………(a) subjective concept (b) multi-purpose (c) basis of demand (d) morally colour less
State with reasons whether you agree or disagree with the following statements:Utility is a subjective concept.