Statement I:
The utility of a good to the consumer should be measured in units of money which the consumer is willing to pay.
Statement II:
Utility and usefulness are one and same thing.

Statement I is true but Statement II is false.

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Both Statement I and Statement II are true.

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Statement II is true but Statement I is false.

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Both Statement I and Statement II are false.

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Solution

The correct option is C Statement I is true but Statement II is false.
Consumers will only buy a product if they will be able to compare the price of the product with the utility they are getting from the product and comparison between two variable is only possible if their units are same. Therefore, they have to measure utility in the units of money. Moreover, utility and usefulness are two different concepts because a product may be useful but if a consumer does not need it then it will not provide any utility to the consumer.

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Similar questions

Statement - I: $C l^{-} a n d C a^{2 +}$ are isoelectronic species.
Statement - II: Isoelectronic species should have same charges.

2 \times 2

X_{2} Y_{3}

X_{2} Y_{3}

I

\to L = I \to ω

II

\to τ = \frac{d \to L}{d t}

A^{- 1}

3 \times 3

A^{2} - 5 A + 7 I = 0.

A^{- 1} = \frac{1}{7} (5 I - A) .

A^{3} - 2 A^{2} - 3 A + I

5 (A - 4 I)

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