In microeconomic terms. the ability of a good or a service to satisfy wants is called:


1) In microeconomic terms, the ability of a good or a service to satisfy wants for the consumer is called A) opportunity cost

Answer

Question 1:- answer:- B. Utility Explanation:- in economic term, utility means consumer receiving the satisfaction from consuming the product or services. For example if a person purchase a cold drink and that consumption gives him pleasure. so this type of satisfaction from consuming the product or service is called Utility. Option a is incorrect because opportunity cost means when taking an economic choice, loss of most desirable alternative as a result of a decision. Option c is also incorrect because profit potential means it is the plan for a good or service to cause a profit which after expenses that causes to net income.

By observing above information we can say that option b is correct answer.

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