GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is the benefit or satisfaction gained from the use of a good or service.
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Utility
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Incentives
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Income
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Cost-Benefit Analysis
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Explanation:
Detailed explanation-1: -In economics, utility represents the satisfaction or pleasure that consumers receive for consuming a good or service. Utility function measures consumers’ preferences for a set of goods and services.
Detailed explanation-2: -Utility Definition – It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good. A utility is a measure of how much one enjoys a movie, favourite food, or other goods.
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