Utility means
a. Equilibrium point at which demand and supply are equal
b. Want-satisfying capacity of goods and services
c. Total value of commodity
d. Desire for goods and services
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Total utility refers to the total amount of satisfaction a consumer has received from consuming a certain quantity of goods.
It is the aggregate level of satisfaction that the consumer has received from the commodities.
Each individual commodity has their own marginal utility and the total utility is calculated refer to the sum of all the marginal units of all the commodities.
It is the aggregate level of satisfaction that the consumer has received from the commodities.
Each individual commodity has their own marginal utility and the total utility is calculated refer to the sum of all the marginal units of all the commodities.
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