Utility is defined as the:
A) sense of pleasure or satisfaction derived from consuming goods and services.
B) cost of acquiring goods and services.
C) profits consumers earn from consuming goods and services.
D) monetary value to consumers of goods and services.

Question

Quizplus · Accepted Answer

Utility is the sense of pleasure or satisfaction that a consumer derives from consuming or using a particular commodity or service. It is the subjective value that a consumer attaches to a good or service, based on their personal preferences and needs, and it is not necessarily related to the cost or price of the good or service. Therefore, option A, which emphasizes the pleasure or satisfaction aspect of utility, is the best choice.

Utility Is Defined as The