GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Utility is the property of quality common to all commodities wanted by a person
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Agree
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Disagree
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -What are the characteristics of utility? Four characteristics of utility are form, time, place, and possession.
Detailed explanation-3: -Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. Characteristics of Utility are: Utility is psychological: It depends on the mental attitude and assessment of the person consuming the commodity and also his likes and dislikes.
There is 1 question to complete.