Utility is:
A)a quantitative measure of consumers' preferences.
B)an objective measure of a person's happiness.
C)as difficult to measure as an individual's income level.
D)a meaningful number measuring a consumer's precise level of satisfaction.

Question

Quizplus · Accepted Answer

Utility is a concept in economics that represents a measure of the satisfaction or happiness that consumers derive from the consumption of goods and services. It is considered a quantitative measure of consumers' preferences, although it is subjective and can vary greatly among individuals.

Utility Is