What is meant by the term utility?
a. price of a good
b. necessity of a good
c. number of goods a consumer has
d. usefulness of a good in relation to its scarcity
e. pleasure, or satisfaction, a consumer receives upon consuming a good
Consumer Preferences and Purchases:
Consumers spend the dollars they earn as income on goods and services that they need or want. They have preferences related to both price and other factors, and they try to use their dollars to maximum advantage.
Answer and Explanation: 1
What is meant by the term utility? e. pleasure, or satisfaction, a consumer receives upon consuming a good
The utility of an item is a term that...
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fromChapter 1 / Lesson 27
Learn about utility theory. Study utility in economics, examine utility economics examples, and discover how utility affects the decisions customers make.