Economics: Understanding Human Wants

Utility is concerned with moral values, while usefulness is not.

Utility is a psychological concept, while usefulness has no psychological aspect. (correct)

Utility refers to the total sum of utilities, while usefulness refers to the individual unit's benefit.

Utility is affected by income and taste, while usefulness is not.

Physical instincts, psychological instincts, and social obligations

Income, taste, fashion, advertisements, and social norms (correct)

Total utility and marginal utility

Personal economic and social status

The difference between total utility and marginal utility

The additional utility derived from consuming each additional unit of a commodity

The sum of marginal utilities up to the units consumed by a consumer

The sum total of utilities derived from the consumption of all units of a commodity at a given time (correct)

<p>Total utility and marginal utility</p> Signup and view all the answers

<p>Physical instincts and psychological instincts</p> Signup and view all the answers