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Question
_________ refers to want satisfaction power of a commodity.
_________ refers to want satisfaction power of a commodity.
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Solution
The correct option is B Utility
Utility is the measurement of satisfaction derived from the consumption of a good or service. It is the quality of goods to satisfy the human needs. In other words, the wants satisfying capacity of goods or services is known as Utility. Utility does not have any relevance with the good or bad i.e. whether the consumption of any commodity or service will be benefited to the consumer or not has no concern with the utility. What matters is just the satisfaction of consumer.
Utility is the measurement of satisfaction derived from the consumption of a good or service. It is the quality of goods to satisfy the human needs. In other words, the wants satisfying capacity of goods or services is known as Utility. Utility does not have any relevance with the good or bad i.e. whether the consumption of any commodity or service will be benefited to the consumer or not has no concern with the utility. What matters is just the satisfaction of consumer.
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