Utility refers to the ability of a good or service to satisfy a want or need of the consumer. Therefore, option C, "the want-satisfying power of a good or service," best represents the concept of utility. While options A, B, and D are related to the economic value of a good or service, they do not encompass the full meaning of utility.

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Utility Refers to

Question 21

Multiple Choice

Utility refers to

A) the usefulness of a good or service.
B) the value of a good or service.
C) the want-satisfying power of a good or service.
D) the degree to which a good or service is needed.

Correct Answer: