Utility is directly linked with usefulness of a commodity. true or false. give reason.
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TRUE ; UTILITY MEANS WANT SATIFYING POWER OF A COMMODITY IT IS A SUBJECTIVE CONCEPT ONLY THE CONSUMER CAN JUDGE THE UTILITY OFA COMMODITY THE CONCEPT WAS FIRST EXPLAINED BY AUSTRIAN ECONOMISTS
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It is a true fact that utility is directly linked with usefulness of a commodity.
Both are not at all different from each other. Utility is truly a subjective matter.
Utility along with intensity totally depends on the percent of usage.
More the demand of the item higher will be the utility.
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