The term utility refers to the:
A) usefulness of a good in relation to its scarcity.
B) necessity of a good.
C) price of a good.
D) number of goods a consumer has.
E) pleasure or satisfaction a consumer receives upon consuming a good.

Question

Quizplus · Accepted Answer

Utility is the satisfaction or pleasure a consumer receives upon consuming a good. It is not related to the scarcity, necessity, price or number of goods a consumer has.

The Term Utility Refers to The