Statement I:
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.
Select the correct answer from the options given below -

Statement I is true but Statement II is false.

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Both Statement I and Statement II are time.

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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 D Statement I is true but Statement II is false.
Utility refers to the want satisfying power of a commodity. So to act rationally at the time of purchasing consumer usually measures this utility in the units of money so that comparison can be made with the price of the commodity.
Utility of a product depends on how a customer perceives that product, a product might be very useful but if the customer does not need that product then it won’t provide him any utility.

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Statement I: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.Select the correct answer from the options given below -

Statement I:
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.
Select the correct answer from the options given below -