Final answer:
The want-satisfying power of a good or service is called utility, which measures how much satisfaction a consumer gets from a product or service. This subjective but key concept is influenced by the law of diminishing marginal utility, which affects consumer choices. The correct answer is option B.
Step-by-step explanation:
The want-satisfying power of a good or service is called utility. Utility is essentially the measure of the usefulness or satisfaction that a consumer derives from a product or service. Economists consider utility to be a key concept to understanding how consumers make decisions. Value, on the other hand, is the worth that can be expressed in dollars and cents, and ownership refers to the legal right to possess something. Finally, quality is about the characteristics and features of a good or service that determine its ability to satisfy stated or implied needs.
Utility is a central concept in economics and is inherently subjective, but it is influential in a consumer's purchasing decisions. The law of diminishing marginal utility is an important principle related to this concept, which states that as a person consumes more units of a good, the additional satisfaction from each new unit tends to decrease.