To economists, the term utility refers to the
A) usefulness of a good in relation to its scarcity
B) necessity of a good
C) ratio of marginal utility of a good to its price
D) quantity of goods a consumer has in reserve, meaning goods unconsumed
E) benefit or satisfaction a consumer receives consuming a good

Question

Quizplus · Accepted Answer

Utility, in economics, refers to the satisfaction or pleasure a consumer derives from consuming a product or service. This concept is central to understanding consumer behavior and the principles of demand.

To Economists, the Term Utility Refers to the