Asked by Sophia Winner on May 14, 2024
Verified
The term "utility" means:
A) satisfaction.
B) a low-valued good.
C) productivity.
D) adaptability.
E) efficiency.
Utility
The satisfaction received from consumption; sense of well-being.
Satisfaction
The feeling of pleasure or fulfillment that comes from meeting one's needs or expectations.
- Gain insight into the idea of utility maximization among households.
Verified Answer
VS
Vince SandersMay 20, 2024
Final Answer :
A
Explanation :
Utility refers to the satisfaction or usefulness that a good or service brings to a consumer. It is a measure of the perceived value of a good or service to an individual.
Learning Objectives
- Gain insight into the idea of utility maximization among households.