Q250
Total utility of a commodity is measured by which price of that commodity?
A.
Value in use
AnswerB.
Value in exchange
C.
Both of above
D.
None of above
Answer: Option A
Solution
Answer: Option A
Solution:
Total utility of a commodity is measured by value in use price of that commodity. The utility theory of value was the belief that price and value were solely based on how much “use” an individual received from a commodity.