Asked by Joseph Stewart on Jul 09, 2024
Verified
In economics,the pleasure,happiness,or satisfaction received from a product is called:
A) marginal cost.
B) rational outcome.
C) status fulfillment.
D) utility.
Utility
A measure of satisfaction or pleasure derived from consuming goods or services.
Satisfaction
The contentment or fulfillment a consumer feels after purchasing and using a product or service.
- Understand the principle of utility and how it motivates consumer behavior.
Verified Answer
OO
Omnyi OjekeJul 13, 2024
Final Answer :
D
Explanation :
The pleasure, happiness, or satisfaction received from a product is referred to as utility in economics. Thus, choice (D) is the correct answer. Marginal cost (A) refers to the additional cost of producing one more unit of a product, while rational outcome (B) refers to a decision-making process that takes into account all available information and produces the best possible outcome. Status fulfillment (C) refers to the experience of achieving a desired status or social position.
Learning Objectives
- Understand the principle of utility and how it motivates consumer behavior.
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