Question

Identify the correct characteristics of utilitya. It is equivalent to ‘usefulness’b. It has moral significancec. It is same as pleasured. It depends upon consumer’s mental attitude

Answer 1

(b)Utility is equivalent to usefulness.

Utility is considered to be the ability of a product or service to satisfy demands of a consumer.

Wants satisfying capacity of goods and services is another definition of the same. In modern times, utility is defined as expected satisfaction.

Though it may differ from one person to another, but the overall concept demands the same.

There are various characteristics of utility that need to be considered.