In microeconomic terms, the ability of a good or a service to satisfy wants is called:
A) opportunity cost.
B) utility.
C) utility maximization.
D) profit potential.

Name: In microeconomic terms, the ability of a good or a service to satisfy wants is called: A) opportunity cost. B) utility. C) utility maximization. D) profit potential.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

Utility is the term used in microeconomics to describe the satisfaction or usefulness obtained from consuming goods and services.

In Microeconomic Terms, the Ability of a Good or a Service