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The term utility means
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- usefulness of a commodity
- the satisfaction which a commodity yields
- the service which a commodity is capable of rendering
- None of these
- usefulness of a commodity
Correct Option: B
In economics, ‘Utility,’ refers to the total satisfaction received from consuming a good or service. It is usually applied by economists in such constructs as the indifference curve, which plots the combination of commodities that an individual or a society would accept to maintain a given level of satisfaction.