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Utility is the satisfaction derived from____________

Economics
JAMB 2018

Utility is the satisfaction derived from____________

  • A. Production
  • B. Distribution
  • C. Consumption
  • D. Demand
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Correct Answer: Option C
Explanation

Utility is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service.

 

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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995