Utility can be thought of as the same as
A) opportunity cost.
B) satisfaction.
C) choice.
D) none of the above

Question

Quizplus · Accepted Answer

Utility is the satisfaction or pleasure a consumer derives from consuming a good or service. Therefore, it can be thought of as the same as satisfaction. Option A, opportunity cost, refers to the cost of the next best alternative foregone when making a decision. Option C, choice, refers to the act of selecting an option from a set of alternatives. Option D, none of the above, is incorrect as option B, satisfaction, is the correct answer.

Utility Can Be Thought of as the Same as