For economists, the word "utility" means
A) versatility and flexibility.
B) rationality.
C) pleasure or satisfaction.
D) purposefulness.

Question

Quizplus · Accepted Answer

In economics, the term "utility" refers to the level of satisfaction or pleasure that a consumer derives from consuming a good or service. Therefore, option C - pleasure or satisfaction - best reflects the meaning of utility in the context of economics.

For Economists, the Word "Utility" Means