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JAMB Economics 2013 Question 12

Question 12

Theory of Consumer Behaviour

Utility is the satisfaction derived from the

  1. A.distribution of goods and services.
  2. B.use of goods and services.
  3. C.demand of goods and services.
  4. D.production of goods and services.
Show the answer and explanation

Answer: B (use of goods and services.)

Explanation

Utility is the satisfaction a person gets from consuming (using) goods and services.