English

Utility means ______. - Economics

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Question

Utility means ______.

Options

  • power to satisfy a want

  • usefulness

  • willingness of a person

  • pleasure

MCQ
Fill in the Blanks
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Solution

Utility means power to satisfy a want.

Explanation:

It refers to the ability of a good or service to fulfill a human want or need. It is not just usefulness, willingness or pleasure, but specifically the capacity to satisfy a want or need of a person.

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Chapter 3: Basic Concepts of Economics - QUESTIONS [Page 47]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 3 Basic Concepts of Economics
QUESTIONS | Q 1. | Page 47
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