Indian Economy MCQs


Q.  Which among the following is related to utility?

a. Satisfaction and wants
b. Necessity and wants
c. Usefulness and need
d. None of the above


ANSWER: See Answer
 
Utility is the power or capacity of a commodity to satisfy a human want or it is the amount of satisfaction that a person gets from the consumption of a good or service. It is measured in utils.
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