The term utility refers to the:
A) pleasure or satisfaction a consumer receives upon consuming a good.
B) necessity of a good.
C) price of a good.
D) number of goods a consumer has.

Question

Quizplus · Accepted Answer

Utility refers to the level of satisfaction or pleasure that a consumer obtains from consuming a particular good or service. It is a subjective feeling and cannot be measured directly. Therefore, option A is the correct answer. Option B refers to the essentiality of a good, while option C refers to its cost, and option D refers to the quantity of goods owned by a consumer, which are not definitions of utility.

The Term Utility Refers to The