In economics, the term "utility" is defined as the
A) a service such as sewer and water or electricity.
B) usefulness of a theory to explain price determination.
C) system of basing the price of a good on its usefulness to society.
D) usefulness of a good.
E) total consumer satisfaction received from consumption of a good.

Question

Quizplus · Accepted Answer

Utility is a measure of the satisfaction or happiness that a consumer derives from consuming a good or service. It is not the same as usefulness, which focuses on the objective properties of a good rather than the subjective experience of the consumer. Utility is a key concept in understanding consumer behavior and demand for goods and services.

In Economics, the Term "Utility" Is Defined as the