Utility is the basis of demand for a commodity.

True

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False

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Solution

The correct option is B False
The utility is the satisfaction consumers derive from consuming a product. A high utility derived from a good would a higher demand. This is true especially if he good derives a high level of marginal utility.

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Similar questions

When a commodity gives utility for a long period of time, it is called __________ consumption

Per Unit Price of Commodity X (Rs.)	Quantity Demanded of Commodity X (Units)	Quantity Supplied of Commodity X (Units)
10	50	110
20	60	100
30	70	90
40	80	80
50	90	70
60	100	60
70	110	50

Per Unit Price of Commodity X (Rs.)	Quantity Demanded of Commodity X (Units)	Quantity Supplied of Commodity X (Units)
10	50	110
20	60	100
30	70	90
40	80	80
50	90	70
60	100	60
70	110	50

On the basis of the table, equilibrium quantity is attained at ________.

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