In economics the term utility refers to
A) the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
B) the number of possible uses for a resource.
C) the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
D) the highest valued alternative that must be sacrificed when a choice is made.

Question

Quizplus · Accepted Answer

Utility in economics refers to the satisfaction or benefit derived from consuming a product or service, which is subjective and varies from person to person.

In Economics the Term Utility Refers to