Utility is:
A) a way of describing a consumer's wants.
B) only applicable to goods that are purchased.
C) a measure of a consumer's income
D) All of these are true.

Question

Quizplus · Accepted Answer

Utility refers to the satisfaction or happiness that a consumer receives from consuming a product or service. It is a measure of the consumer's wants or preferences, and is not limited to goods that are purchased. Utility is not a measure of income, but rather a measure of satisfaction.

Utility Is