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The satisfaction derived from the consumption of a commodity is referred to as

Economics
JAMB 2024

The satisfaction derived from the consumption of a commodity is referred to as

  • A. consumption
  • B. production
  • C. utility
  • D. demand
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Correct Answer: Option C
Explanation

Utility is the satisfaction a consumer derived from the consumption of a particular commodity. The types are: total, average and marginal utility.

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