MyQuestionIcon

3

You visited us 3 times! Enjoying our articles? Unlock Full Access!

Items Excluded in GDP

The utility m...

Question

The utility may be defined as ______.

A

the power of commodity to satisfy wants

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

the usefulness of a commodity

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

the desire for a commodity

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

none of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A the power of commodity to satisfy wants
Utility refers to wants satisfying power of a commodity through its various features and usefulness.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Assertion :Want-satisfying power of a commodity is called its utility Reason: Utility may not have the caharcteristic of morality

Q. Fill in the blanks with appropriate alternatives given in the bracket:

1. _________________ refers to want satisfying power of a commodity. (Usefulness/ Utility/ Satisfaction/ Happieness)

2. Marginal utility diminishes, as consumption of commodity ________. (increases/ decreases/ remains constant/ become zero)

3. _________________ utility is the utility derived from the last unit of the commodity consumed. (Average/ Total/ Marginal/ Zero)

4. When MU is ______________ TU decreases. (positive/ negative/ zero/ high)

Q. ______ can be defined as the power of a commodity to command other commodities in its exchange.

Q. The power of a commodity to satisfy wants is called .

Q.  Assertion (A): All goods and services satisfy our needs and wants.

Reason (R): The satisfying power of the commodity is known as its utility.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Items Excluded in GDP

ECONOMICS

Watch in App

explore_more_icon

Explore more

Items Excluded in GDP

Standard XII Economics

Join BYJU'S Learning Program

CrossIcon