Question:
Utility is generally related to
Utility is generally related to
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Utility measures subjective satisfaction, not just objective need.
Updated On: Feb 26, 2026
- Satisfaction
- Necessity
- Usefulness
- None of these
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The Correct Option is A
Solution and Explanation
Step 1:
Utility in economics refers to the satisfaction or benefit a consumer derives from consuming a good or service.
Step 2:
While necessity and usefulness are related, the primary economic definition centers on satisfaction.
Step 3:
Therefore, the correct option is (A) Satisfaction.
Utility in economics refers to the satisfaction or benefit a consumer derives from consuming a good or service.
Step 2:
While necessity and usefulness are related, the primary economic definition centers on satisfaction.
Step 3:
Therefore, the correct option is (A) Satisfaction.
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