Asked by Carissa Galvan on Jul 29, 2024
Verified
The utility of a good or service
A) is synonymous with usefulness.
B) is the satisfaction or pleasure one gets from consuming it.
C) is easy to quantify.
D) rarely varies from person to person.
Utility
In economics, a measure of satisfaction or happiness that a consumer derives from the consumption of goods and services.
Satisfaction
The fulfillment of one's needs or the pleasure derived from consuming goods or services.
Consuming It
Pertains to the act of using up resources or products to satisfy needs or desires.
- Comprehend the principle of marginal utility and its impact on consumer buying choices.
Verified Answer
TB
Trevor BiermanJul 30, 2024
Final Answer :
B
Explanation :
Utility refers to the satisfaction or pleasure derived from the consumption of a good or service, rather than its mere usefulness, ease of quantification, or uniformity across individuals.
Learning Objectives
- Comprehend the principle of marginal utility and its impact on consumer buying choices.
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