In economics, the benefit (or satisfaction) that an individual gets from an activity is called
A) scarcity.
B) utility.
C) opportunity cost.
D) ceteris paribus.

Question

Quizplus · Accepted Answer

Utility refers to the benefit or satisfaction that an individual receives from an activity. Scarcity refers to the limited availability of resources, opportunity cost is the cost of choosing one option over another, and ceteris paribus refers to the assumption of all other factors remaining constant.

In Economics, the Benefit (Or Satisfaction) That an Individual Gets