When economists describe preferences, they often use the concept of
A)markets.
B)income.
C)utility.
D)prices.

Question

Quizplus · Accepted Answer

Economists typically use the concept of utility to describe preferences. Utility refers to the satisfaction or happiness that an individual derives from consuming a particular good or service. By understanding the level of utility that a person gets from consuming different goods or services, economists can better predict their behavior and decision-making.

When Economists Describe Preferences, They Often Use the Concept of