Asked by Melanie Hershock on Jul 05, 2024
Verified
A product has utility if it
A) takes more and more resources to produce successive units of it.
B) violates the law of demand.
C) satisfies consumer wants.
D) is useful.
Utility
The satisfaction or benefit derived from consuming goods or services.
Consumer Wants
Desires or needs that individuals seek to satisfy through the purchase of goods or services.
- Familiarize oneself with the principle of utility and the procedures for evaluating it.
Verified Answer
MA
melissa avalosJul 10, 2024
Final Answer :
C
Explanation :
Utility in economics refers to the satisfaction or benefit that consumers derive from consuming a product or service, thus a product has utility if it satisfies consumer wants.
Learning Objectives
- Familiarize oneself with the principle of utility and the procedures for evaluating it.