Asked by Shelby Bliss on May 12, 2024
Verified
In economics,the ability of pumpkin pie to satisfy a want is referred to as its:
A) utility.
B) usefulness.
C) worthiness.
D) necessity.
Utility
In economics, the satisfaction or benefit derived by consuming a product or service.
Pumpkin Pie
A traditional American dessert made from a spiced pumpkin-based custard filling in a pie crust, often served during fall and Thanksgiving.
Want
A desire for goods or services that are not necessary for basic survival but are perceived as desirable.
- Gain an understanding of utility as the fulfillment experienced from the use of goods and services.
Verified Answer
AS
Aahundra ShepherdMay 18, 2024
Final Answer :
A
Explanation :
Utility refers to the satisfaction or usefulness that a consumer derives from a good or service. Pumpkin pie's ability to satisfy a want is an example of its utility. Options B, C, and D do not accurately capture this concept.
Learning Objectives
- Gain an understanding of utility as the fulfillment experienced from the use of goods and services.