Define the term utility
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Meghna Thapar 5 years, 4 months ago
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. ... The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. In economics, utility refers to the satisfaction gained from consuming a good or service. Total utility is usually defined as a quantifiable summation of satisfaction or happiness obtained from consuming multiple units of a particular good or service.
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