What is the "Want satisfying power" of a

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Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Theory of Consumer behaviour

Question:

What is the "Want satisfying power" of a commodity known as?

Options:

Utility

Satiation

Marginal rate of substitution

All of the above

Correct Answer:

Utility

Explanation:

Utility is referred as the want satisfying power of a commodity. It can be measured in 2 ways: