Asked by Viviana Paola on Jul 30, 2024
Verified
The ability of a good or service to satisfy wants is called
A) utility maximization.
B) opportunity cost.
C) revenue potential.
D) utility.
Satisfy Wants
The fulfillment of human desires or needs through the consumption of goods and services.
Utility
In economics, utility is the satisfaction or benefit derived by consumers from consuming goods or services.
Ability
The possession of the means or skill to do something.
- Apply concepts of utility to evaluate consumer satisfaction from different goods combinations.
Verified Answer
ZK
Zybrea KnightAug 04, 2024
Final Answer :
D
Explanation :
Utility is the term used in economics to describe the measure of satisfaction or value that a consumer receives from consuming a good or service.
Learning Objectives
- Apply concepts of utility to evaluate consumer satisfaction from different goods combinations.