Correct Option: B. Power of satisfying a want Detailed Explanation: Understanding Utility: Utility is a fundamental concept in economics that refers to the satisfaction or pleasure derived from consuming goods and services. It is a measure of the happiness or benefit that a consumer receives from a product. The term "utility" is often used to explain consumer behavior and decision-making. Why Option B is Correct: - Power of Satisfying a Want: This option accurately captures the essence of utility. When we say that a good or service has utility, we are essentially saying that it has the power to satisfy a want or need. For example, if you are hungry and you eat a sandwich, the satisfaction you gain from eating that sandwich is the utility derived from it. The more a product satisfies your wants, the higher its utility. Why the Other Options are Incorrect: - Option A: Usefulness - While "usefulness" is related to utility, it does not fully encompass the concept. Usefulness implies that something is practical or serves a purpose, but it does not necessarily indicate the satisfaction derived from it. For instance, a tool may be useful, but if it does not satisfy a specific want or need, it does not provide utility in the economic sense.

• Option C: Beneficial
• The term "beneficial" suggests that something is good or advantageous, but it lacks the specific connection to consumer satisfaction. A product can be beneficial in a broader sense (e.g., improving health), but it may not directly satisfy a consumer's immediate wants. Therefore, while beneficial products can contribute to utility, they do not define it.
• Option D: Advantageous
• Similar to "beneficial," "advantageous" implies a favorable position or benefit but does not directly relate to the satisfaction of wants. A product may provide an advantage in a competitive sense (e.g., a faster car), but if it does not meet a consumer's specific desires, it does not provide utility.

Summary of Key Points:

• Utility is the measure of satisfaction or pleasure derived from consuming goods and services.
• The correct definition of utility is its power to satisfy a want (Option B).
• Other options (usefulness, beneficial, advantageous) do not fully capture the essence of utility as they lack the direct connection to consumer satisfaction.
• Understanding utility is crucial for analyzing consumer behavior and making economic decisions.

Revision Summary:

• Utility measures satisfaction from goods/services.
• Correct answer: B (power of satisfying a want).
• Other options do not fully define utility.
• Key for understanding consumer choices in economics.