[Solved] The term utility means -

McqMate

Q.	The term utility means -
A.	usefulness of a commodity
B.	the satisfaction which a commodity yields
C.	the service which a commodity is capable of rendering
D.	None of these
Answer» B. the satisfaction which a commodity yields
Explanation: In economics, 'Utility,' refers to the total satisfaction received from consuming a good or service. It is usually applied by economists in such constructs as the indifference curve, which plots the combination of commodities that an individual or a society would accept to maintain a given level of satisfaction.

3.6k

0

Do you find this helpful?

26

View all MCQs in

Discussion

No comments yet

Related MCQs

If total utility is maximum at a point, then marginal utility is -
When marginal utility is zero, the total utility is -
The total utility from 9 units of commodity x is 20 and from 10 units is 15. Calculate the marginal utility from 10th unit.
The process of converting short term to long term debt by the sale of long term securities and using the funds raised to pay off short-term debt is called:
The Marginal Utility Curve slopes downward from left to right indicating -
In Economics the 'Utility' and 'Usefulness' have -
Consumer goods that yield services or utility over time rather than being used up instantly are termed as
Scarce inputs that can yield utility through production or provision of goods and services are referred to as:
The market for long term loanable funds as different from the market that deals in short term loans is called:
The term "market" in Economics means -