Economics · Consumer Behaviour
In economics, how are the concepts of 'Utility' and 'Usefulness' distinguished?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Usefulness is a psychological concept, whereas utility is legal
- 2They have different meanings, as utility is the want-satisfying power of a commodity, which may not be useful✓
- 3Utility refers only to ethical goods, while usefulness is objective
- 4They carry the exact same meaning
Correct answer
They have different meanings, as utility is the want-satisfying power of a commodity, which may not be useful
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