Asked by Michelle Mazur on Jun 29, 2024
Verified
The utility of a good is determined by how much _____ a particular consumer obtains from it.
A) satisfaction
B) usefulness
C) cost
D) need fulfillment
Utility
A term in economics that refers to the total satisfaction received from consuming a good or service.
Satisfaction
The fulfillment of one's wishes, expectations, or needs, or the pleasure derived from this fulfillment.
Consumer
A person or collective who buys products or services for their own consumption.
- Acquire knowledge on the idea of utility as the contentment gained by consuming products and services.
- Assess how utility, the act of consuming, and the satisfaction levels of consumers are interrelated.
Verified Answer
PC
Precious ColemanJul 03, 2024
Final Answer :
A
Explanation :
Utility refers to the satisfaction or pleasure gained from consuming a good or service. Therefore, option A is the correct choice as it best fits the definition of utility. B is also somewhat correct because a good's usefulness can potentially influence a consumer's satisfaction, but it is not as directly related to the concept of utility as satisfaction is. Option C, cost, and option D, need fulfillment, are not directly related to the concept of utility.
Learning Objectives
- Acquire knowledge on the idea of utility as the contentment gained by consuming products and services.
- Assess how utility, the act of consuming, and the satisfaction levels of consumers are interrelated.
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