Economy, asked by kuku1871, 2 months ago

Define utility and explain its basic features.

Answers

Answered by AnjanaUmmareddy

2

Answer:

"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."

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