Which of the following terms is used in economics as a measure of a person's (typically a consumer's) sense of satisfaction?
A)Marginal
B)Utility
C)Slope
D)Demand

Question

Quizplus · Accepted Answer

The term "utility" is used in economics as a measure of a person's (typically a consumer's) sense of satisfaction.
Key Takeaway: Utility is typically discussed within the context of the law of diminishing marginal utility. This law states that as a person gains more of one particular item, that person will have less satisfaction (or utility) from obtaining that one more unit.

Which of the Following Terms Is Used in Economics as a Measure