Question

The capacity of a commodity to satisfy human wants is

• A. Consumption
• B. Utility
• C. Quality
• D. Taste

Hint:

The economic term for "want-satisfying power" is simply "utility."

Answer 1

The Correct Option is B

This is the standard definition of utility in economics. It is the measure of satisfaction or benefit that a consumer gets from consuming a good or service. Consumption is the act of using the good, while quality and taste are attributes that might contribute to its utility.