A util:
A) can measure satisfaction with factual accuracy.
B) is not a valid concept.
C) applies to a good but not to a service.
D) is purely a fictitious measure of the satisfaction a consumer derives from a product.
E) can be used in place of money in some countries.

Question

Quizplus · Accepted Answer

A util is a hypothetical unit of measurement used in economics to quantify the satisfaction or utility a consumer derives from consuming a product or service. It is not a real or tangible measure but a conceptual tool used to understand consumer preferences and behavior.

A Util