In economics,the ability of a pumpkin pie to satisfy a want is referred to as its:
A) utility.
B) usefulness.
C) worthiness.
D) necessity.

Question

Quizplus · Accepted Answer

Utility is defined as the satisfaction or pleasure that a consumer derives from consuming a good or service. In this case, the pumpkin pie satisfies a want, or desire, for something sweet and delicious. The concept of utility is fundamental to understanding consumer behavior and is often used in economics to explain why consumers make certain choices and how they allocate their resources.

In Economics,the Ability of a Pumpkin Pie to Satisfy a Want