Question

What does the term "utility" refer to in economics?

पर्याय

• The legal ownership of goods

• The satisfaction or want-satisfying power of a commodity

• The market price of a commodity

• The usefulness of a product

Answer 1

The satisfaction or want-satisfying power of a commodity

Explanation:

Utility is defined as the ability of a good to satisfy a want, not just its price or usefulness.