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Question
Want satisfying capacity of a commodity is called _______ .
Want satisfying capacity of a commodity is called _______ .
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Solution
The correct option is B utility
Utility is measurement of the satisfaction derived from the consumption of a good or service. 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 useful to the consumer or not has no concern with the utility. What matters is just the satisfaction of consumer.
Utility is measurement of the satisfaction derived from the consumption of a good or service. 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 useful to the consumer or not has no concern with the utility. What matters is just the satisfaction of consumer.
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