When an economist talks about utility, she is talking about
A)a company that provides electricity, water, gas, etc.
B)the satisfaction, in terms of price, that a producer receives from selling his product.
C)the satisfaction that results from the consumption of a good.
D)the amount of one good that a person is willing to give up in order to get a unit of another good.
E)the satisfaction that results from the consumption of a good minus the price that must be paid to get the good.

Question

Quizplus · Accepted Answer

Utility in economics refers to the satisfaction or pleasure that consumers derive from consuming a good or service.

When an Economist Talks About Utility, She Is Talking About