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Elastic and Inelastic Demand

Utility depen...

Question

Utility depends upon intensity of a individuals want.

A

True

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B

False

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Solution

The correct option is A True
The more a consumer demands a certain good the higher the utility he would derive from it. This would be different for every individual and the utility would change depending on that.

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1. Utility depends upon intensity of want.

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Utility depends upon intensity of wants.

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