Although Michael knew he couldn't really afford the Mercedes, he wanted it anyway. The want-satisfying power of a good is called ________.

Question

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The want-satisfying power of a good is called utility. In this scenario, Michael wants the Mercedes because he sees it as providing him with some form of satisfaction or utility, even though he knows it may not be the most financially responsible decision.

Although Michael Knew He Couldn't Really Afford the Mercedes, He