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Value and price - class-XI
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_______ refers to the importance of a commodity due to its usefulness whereas _______ refers to the capacity of a commodity to command or obtain other goods in exchange.
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A
Value in use, value in exchange
💡 Explanation:
Power of commodity which can command to exchange itself with the other good is called the Value of product. It refers to the importance of a commodity due to its usefulness. Usually a product is valued by the money. Capacity of a commodity to command or obtain other goods in exchange is called value of exchange.