The benefit to a person from an action or purchase is:
A) referred to as utility.
B) the amount of satisfaction received from the action or purchase.
C) highly subjective, and it is difficult for two people to compare the satisfaction each receives from the same action or purchase.
D) all of the above.

Question

Quizplus · Accepted Answer

All the statements accurately describe the concept of utility in economics, which is the benefit or satisfaction received from consuming goods and services, and is indeed subjective and difficult to compare across individuals.

The Benefit to a Person from an Action or Purchase