Greater the need for a commodity ________ will be the utility.
Greater
lesser
greater or lesser
None of these
Utility differs from usefulness in the context of :
Commodity may not be useful but it might have utility
commodity may not have utility but it is likely to be useful
a and b
Marginal utility falls because of total utility ________
Increases at an increasing rate
Decreases at a decreasing rate
increase at a decreasing rate
any of these
modern approach to theory utility is known as _________ approach.
Cardinal
Ordinal
spatial
When the marginal utility is zero, the total utility is _______.
maximum
minimum
lowest
Any of these
In the initial stages of consumption, when MU is falling, total utility continuous to rise as long as marginal utility is _________.
Infinite
Negative
Positive
As per traditional theory, utility can ___________.
Measurable
not be measured
no data is available
Most of the costumers in the market are _________.
Rational
irrational
psychic
All of these
As per modern theory utility can _______.
measurable
