Utility is a hypothetical measure of consumer satisfaction.

Name: Utility is a hypothetical measure of consumer satisfaction.
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

Utility is a concept in economics that represents the satisfaction or benefit that consumers derive from consuming goods and services, and while it is central to theories of consumer choice, it is considered hypothetical because it cannot be directly observed or measured.

Utility Is a Hypothetical Measure of Consumer Satisfaction