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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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Q. State the following statements are True or False:

1. Utility depends upon intensity of want.

2. Utility is the basis of demand.

3. MU and TU are equal at the initial stage.

4. The law of diminishing marginal utility explains economic behaviour of a rational consumer.

5. Negative MU denotes more satisfaction.

Q. Give Reason or explain the following:
Utility depends upon intensity of wants.

Q. Utility depends on the _______ of the wants.

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