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Question
In economics, ____________ of a good is its expected capacity to satisfy a human want.
In economics, ____________ of a good is its expected capacity to satisfy a human want.
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Solution
The correct option is B utility
Utility is the want satisfying power of a commodity that the consumer strives for at the time of consumption. So when the consumer choose some product he measures his satisfaction in terms of utility which he gets from the product and compare it with the price to buy that product.
Utility is the want satisfying power of a commodity that the consumer strives for at the time of consumption. So when the consumer choose some product he measures his satisfaction in terms of utility which he gets from the product and compare it with the price to buy that product.
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