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Question
The concept utility was introduced by __________.
The concept utility was introduced by __________.
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Solution
The correct option is D Stanley Jevons
The concept of utility was introduced by Stanley Jevons. Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. It differs from person-to-person, place-to-place and time-to-time. It is the ability of a good to satisfy a want.
The concept of utility was introduced by Stanley Jevons. Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. It differs from person-to-person, place-to-place and time-to-time. It is the ability of a good to satisfy a want.
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