Question

Which of the following can be treated as a characteristic of economic wants?
1. Even if satisfied, the wants have a tendency to re-emerge.
2. With the passage of time, the wants tend to increase in number and in variety.
Select the correct answer from the options given below -

• A. 1 only
• B. 2 only
• C. Both 1 & 2
• D. Neither 1 nor 2

Answer 1

Answer: (C)

Both 1 & 2

Human wants are unlimited, so there is always a tendency that human wants get re-emerge even after the satisfaction is achieved on the consumption of the commodity as the wants keep on increasing after a passage of time and consumer also start demanding more variety of that commodity in order to achieve higher utility.