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Simple Aggregative Price Index

The property ...

Question

The property of a goods or services that satisfies a want or need of a consumer is called_____.

A

value

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B

utility

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C

value for money

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D

worth

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Solution

The correct option is B utility
The power of satisfying wants is known as utility. The unit to measure utility is known as 'utils'. For example, according to the cardinal approach a consumer will derive $4$ utils by consuming $1$ ice-cream.

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