Asked by Starr Holstick on Jul 24, 2024
Verified
The satisfaction or pleasure one gets from consuming a good or service is called
A) price.
B) utility.
C) income.
D) profits.
Utility
The total satisfaction received from consuming a good or service.
- Gain an understanding of what utility is and the techniques employed to quantify it.
Verified Answer
DM
Dominique MaggioJul 26, 2024
Final Answer :
B
Explanation :
Utility is the term used in economics to describe the satisfaction or pleasure one gets from consuming a good or service.
Learning Objectives
- Gain an understanding of what utility is and the techniques employed to quantify it.