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.

Question

Quizplus · Accepted Answer

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.

Utility Refers to