A util represents a unit of measurement for the:
A) dollars a consumer spends on a good.
B) profit a firm makes from producing a good.
C) way a consumer will respond to a change in price.
D) happiness a person obtains from consuming a good.

Question

Quizplus · Accepted Answer

A util is a hypothetical unit of measurement for the amount of satisfaction or happiness that a consumer derives from consuming a good or service. It is not related to the amount spent on a good, profit made by a firm, or the way a consumer responds to a change in price.

A Util Represents a Unit of Measurement for The