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

Question

Quizplus · Accepted Answer

In economics, utility refers to the total satisfaction or happiness that consumers derive from consuming a particular good or service. It is not related to the usefulness of a theory or a service, nor does it dictate the pricing of a good based on its usefulness to society.

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