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Question
Fill in the blank with appropriate alternatives given below :
_________________ refers to want satisfying power of a commodity.
Options
Usefulness
Utility
Satisfaction
Happieness
MCQ
Fill in the Blanks
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Solution
Utility refers to want satisfying power of a commodity.
Explanation: Utility is the satisfaction that a consumer expects to derive from the consumption of a particular unit of a good. It is expressed in subjective terms as ‘utils’. For example, we can say that utility derived from one cold drink is 4 utils.
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