BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The above statement is true. Utility is the satisfaction that a consumer expects to derive from the consumption of a particular unit of a good. It depends on the intensity of want of the particular unit of the good.

Detailed explanation-2: -What are the characteristics of utility? Four characteristics of utility are form, time, place, and possession.

Detailed explanation-3: -What Is Utility? In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.

Detailed explanation-4: -The want satisfying power of a commodity is called utility. It is a quality possessed by a commodity or service to satisfy human wants. Utility can also be defined as value-in-use of a commodity because the satisfaction which we get from the consumption of a commodity is its value-in-use.