What is utility?
A) the satisfaction a person gets from the consumption of a good
B) a measure of production efficiency
C) the difference between what a consumer is willing and able to pay for a good
D) a measure of the amount of "need" people have for a good

Question

Quizplus · Accepted Answer

Utility refers to the satisfaction or usefulness a person gains from the consumption of a good or service. It is a subjective measure and varies from person to person. Choice B refers to productivity, Choice C refers to the concept of consumer surplus, and Choice D is not a correct definition of utility.

What Is Utility