passwella.
Menu

JAMB Economics 1979 Question 13

Question 13

Theory of Consumer Behaviour

By utility we mean

  1. A.usefulness
  2. B.power of satisfying a want
  3. C.beneficial
  4. D.advantageous
  5. E.consumable.
Show the answer and explanation

Answer: B (power of satisfying a want)

Explanation

In economics utility is the ability of a good or service to satisfy a want, whether or not it is 'useful'.