Modern economists measure how much utility Fred gets from a hot dog by
A)asking Fred how many utils he gets from its consumption.
B)examining the price of the hamburger Fred chose not to buy.
C)asking Fred how much of some other good he would give up to get the hot dog.The "other good" can be any good except money.
D)asking Fred how much of some other good he would give up to get the hot dog.The "other good" can be any good, including money.

Question

Quizplus · Accepted Answer

Modern economists often measure utility in terms of trade-offs, including how much of one good (including money) someone is willing to give up to obtain another good. This approach reflects the concept of opportunity cost and marginal utility, making choice D the correct answer.

Modern Economists Measure How Much Utility Fred Gets from a Hot