Q. Which term is used to describe the want satisfying power of a commodity or a service?
✅ Correct Answer: (C)
Utility
Explanation: Utility is the want satisfying power of a commodity or a service. Law of diminishing marginal utility states that as a consumer consumes more and more units of a commodity, marginal utility derived from successive units goes on fa lling.
Explanation by: Yashika
Utility is the want satisfying power of a commodity or a service. Law of diminishing marginal utility states that as a consumer consumes more and more units of a commodity, marginal utility derived from successive units goes on fa lling.