Home
Class 11
ECONOMICS
When Economists speak of the utility of ...

When Economists speak of the utility of a certain product, they are referring to:

A

Demands for the product

B

Usefulness of the product in consumption

C

Satisfaction gained from consuming such product

D

Rate at which consumers are willing to exchange one good for another

Text Solution

Verified by Experts

The correct Answer is:
C
Promotional Banner

Topper's Solved these Questions

  • CONSUMER'S EQUILIBRIUM

    SANDEEP GARG|Exercise Practicals on TU and MU|9 Videos

  • COST

    SANDEEP GARG|Exercise Unsolved Practicals|42 Videos

Similar Questions

Explore conceptually related problems

When two parents are crossed , the offspring are referred to as :

For economists, ______ refers to the amount of a product or service that people are both willing and able to buy.

Ozone when reacts with potassium iodide solution liberates certain product, which turns starch paper blue. The liberated substance is …………….

SANDEEP GARG-CONSUMER'S EQUILIBRIUM-Revision Exercise
  1. The total utility derived by Shyam by eating 6 apples of 300 utils. Ma...

    Text Solution

    |

  2. The assumption of ''Constant marginal utility of money'' means that im...

    Text Solution

    |

  3. When Economists speak of the utility of a certain product, they are re...

    Text Solution

    |

  4. Utility :

    Text Solution

    |

  5. A consumer in conumption of two commodities A and B is at equilibrium...

    Text Solution

    |

  6. The Law of Diminishing Marginal Utility will not hold good if Income o...

    Text Solution

    |

  7. As per Ordinal Approach

    Text Solution

    |

  8. Marginal Utility :

    Text Solution

    |

  9. Mollie derives total utility of 10 utils after having 4 mangoes and to...

    Text Solution

    |

  10. After reaching the point of satiety, consumption of additional units o...

    Text Solution

    |

  11. According to one of the assumption of Law of Diminishing Marginal Util...

    Text Solution

    |

  12. Budget line shows:

    Text Solution

    |

  13. MU(X) " of " X " is " 40 " and " MU(Y) of Y is 30. It the price of Y i...

    Text Solution

    |

  14. The farther the Indifference Curve is from the origin, then :

    Text Solution

    |

  15. The consumer is in equilibrium when Marginal Utility from a Commodity ...

    Text Solution

    |

  16. An Indifference Curve represents all those combinations of two goods w...

    Text Solution

    |

  17. The consumer is in equilibrium at a point where the budget line:

    Text Solution

    |

  18. Which of the shaded area in the diagrams below represent total utility...

    Text Solution

    |

  19. If Marginal Rate of Substituation is constant throughtout, the Indiffe...

    Text Solution

    |

  20. If Marginal Rate of Substituation is increasing throughout, the Indiff...

    Text Solution

    |