Utility is a balance between ________ and ________ factors.
A) transitive; intransitive
B) capital; labor
C) economic; personal
D) production; consumption
E) good; bad

Question

Quizplus · Accepted Answer

Utility refers to the satisfaction or usefulness that a consumer derives from a good or service. It is subjective and varies from person to person. It is a balance between economic factors, such as price and availability, and personal factors, such as preferences and tastes. Therefore, option C, economic and personal factors, is the most suitable answer. Option A (transitive and intransitive factors) and option E (good and bad factors) are not relevant to the concept of utility. Option B (capital and labor) and option D (production and consumption) are related to the factors of production, which are not directly related to utility.

Utility Is a Balance Between ________ and ________ Factors

Utility Is a Balance Between and Factors