Asked by
Myles Richardson
on Nov 26, 2024Verified
For economists, the word "utility" means
A) versatility and flexibility.
B) rationality.
C) pleasure or satisfaction.
D) purposefulness.
Utility
A measure of satisfaction or happiness that a consumer receives from consuming goods and services.
Pleasure
A feeling of happiness, enjoyment, or satisfaction derived from an experience or activity.
Satisfaction
The fulfillment of one's wishes, expectations, or needs, or the pleasure derived from this.
- Comprehend the concept of utility and how it guides consumer choice.
Verified Answer
BW
Learning Objectives
- Comprehend the concept of utility and how it guides consumer choice.