A

Admin • 833K Points
Coach

Q. Which term is used to describe the want satisfying power of a commodity or a service?

  • (A) Demand
  • (B) Want
  • (C) Utility
  • (D) Consumption
  • Correct Answer - Option(C)
  • Views: 9
  • Filed under category Economic
  • Hashtags:

Explanation by: Admin

Utility is the want satisfying power of a commodity or a service. Law of diminishing marginal utility states that as a consumer consumes more and more units of a commodity, marginal utility derived from successive units goes on fa lling.

You must be Logged in to update hint/solution

Discusssion

Login to discuss.

Be the first to start discuss.