SSC MCQ Question Ans. Utility, Demand, Supply, and Equilibrium. In this chapter, utility, consumption, total utility, and marginal utility, the law of diminishing marginal utility, demand, the market demand line, and selection of the equilibrium price have been discussed.
We need many goods and materials in our life. Many other things are necessary along with food and clothes. Without this, we cannot live a normal life. e.g.- food, cloths, books, services of the doctor, etc fulfill the demands of the humans. Therefore, in economics, the capability of any good to satisfy people’s needs is termed as a utility.
SSC MCQ Question Ans. Utility, Demand, Supply, and Equilibrium
Every day we use rice, fish, pen, clock, cloths, in other words, we consume these things. Here, consumption does not, however, only stand for finishing these off. Because we cannot actually destroy or finish anything. By using the goods we can just get their utility. We have to keep in mind that if the utility of any good is destroyed in any way other than satisfying a need, it will not be considered as consumption. That is, in economics, to finish the utility of any good for the purpose of satisfying a want or need, is known as consumption.
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