When economists describe preferences,what concept do they often use
A)markets
B)income
C)utility
D)prices

Question

Quizplus · Accepted Answer

Economists often use the concept of utility to describe preferences. Utility is a measure of the satisfaction or happiness that someone gets from consuming a good or service. By understanding someone's utility function, economists can predict how they will behave in different situations and make decisions about what goods and services to consume.

When Economists Describe Preferences,what Concept Do They Often Use