Utility is the
A) benefit or satisfaction that a person gets from the consumption of a good or service.
B) measure of how useful a resource is in the production process.
C) measure of productivity associated with a good or service.
D) economic term for consumption possibilities.
E) economic term for how changes in price affect a consumer's purchases.

Question

Quizplus · Accepted Answer

Utility refers to the satisfaction or benefit a person gets from consuming a good or service. It is a subjective measure of the value that a product or service provides to the consumer, and it varies from person to person.

Utility Is the