Utility of a good is

its usefulness for societyCorrect answerYour answerits want-satisfying capacityCorrect answerYour answerits priceCorrect answerYour answerits cost of productionCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer B

Correct answer: B

In economics, utility is the power of a good to satisfy a want, whether or not the want is good for the person.

Worth noting

Utility is not the same as usefulness: a cigarette has utility for a smoker.

Concept: Meaning of utility
Typical timeTypical: 40 s
Your timeYours: —

The rule this testsTotal and marginal utility

Practise this chapter →

Ten questions from Utility & Consumer's Equilibrium, at your own pace.

Practise this chapter →

Ten questions from Utility & Consumer's Equilibrium, at your own pace.

Practise this chapter All 73 questions in Utility & Consumer's Equilibrium Revise the notes for Utility & Consumer's Equilibrium

Utility of a good is

Explanation