Maharashtra State BoardHSC Arts 12th Board Exam
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State Whether the Following Statements Are True Or False with Reasons : Utility of the Same Commodity for Two Persons is Different. - Economics

State whether the following statements are True or False with reasons :  

 Utility of the same commodity for two persons is different.

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Solution

 True, utility of the same commodity for two persons is different.
Explanation:
Utility refers to the power of a commodity to satisfy human wants. Thus, as every individual has different wants or desires, thus, utility of the same commodity for two persons would be different.

Concept: Types of Utility
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