3. Want-satisfying power of a commodity is called:
(a) consumption
(b) utility
(c) production
(d) value addition
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3. Want-satisfying power of a commodity is called:
(a) consumption
(b) utility
(c) production
(d) value addition
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Answer:
b) utility
Explanation:
utility is the want satisfying power of a commodity
Answer:
utility
Explanation:
Utility is a want satisfying power or capacity of a commodity. Utility is the quality in goods to satisfy human wants. Thus, it is said that “Wants satisfying capacity of goods or services is called Utility.”