Those things that possess both utility and scarcity are called:

Related MCQs

• When total utility is maximum, marginal utility is:
• The law of diminishing marginal utility was popularized by:
• Net addition to total utility when one more unit is consumed is:
• Other things remaining the same, the quantity of a product demanded increases with ------------ in price.
• The functional relationship between inputs and outputs is called
• The proportion between total income and total consumption is called:
• The proportion between incremental income and incremental consumption is called:
• The proportion between total income and total saving is called:
• Net addition to total cost is called:
• When there are only few sellers of the commodity, the market is called: