Question

5. Identify the correct characteristics of utility
a. It is equivalent to ‘usefulness’ b. It has moral significance c. It is same as pleasure d. It depends
upon consumer’s mental attitude

Answer 1

Answer:

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.