Total utility of a commodity is measured by which price of that commodity?
A). Value in use
B). Value in exchange
C). Both of above
D). None of above
Value in use
Total utility of a commodity is measured by value in use price of that commodity. The utility theory of value was the belief that price and value were solely based on how much “use” an individual received from a commodity.
2. Convertibility of the rupee implies :
4. If price changes by 1% and supply changes by 2%, then supply is
5. Question 1:Why are regional and economic groupings formed?
6. Question 3:How do infrastructure facilities boost production?
7. The law of consumer surplus is based on
10. When ______, we know that the firms are earning just normal profits.