For a consumer to recognize how many commodities he she should buy which approach is used ........

Economics (CUET) Consumer Behaviour and Demand

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For a consumer to recognize how many commodities he/she should buy, which approach is used?

Utility Approach

Indifference Curve Approach

Both of the above

None of the above

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Explanation:

Option (3) is correct

The utility approach refers to a consumer's realised happiness when he is willing to spend money on a stock of commodity that can satisfy his need. The indifference curve approach gives a tabular presentation of different combinations of two goods that yield the same level of satisfaction to the consumer. Both of them help a consumer in realising the amount of commodity they require to avail satisfaction.