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

Question

Quizplus · Accepted Answer

Utility is the measure of the satisfaction that a consumer derives from the consumption of a good or service. It is not related to the usefulness of a good or a theory, nor is it a system of pricing goods based on their usefulness to society. It is a concept used to describe the level of satisfaction that people get from consuming goods and services. Choice E is also incorrect as utility is not synonymous with a service provided by utility companies, such as water or electricity.

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