Utility is determined by _____.
A)consumer income
B)the prices of goods and services
C)consumer surplus of all buyers in the market
D)consumer expenditure
E)consumer tastes and preferences

Question

Utility is determined by _____.​
A)consumer income
B)the prices of goods and services
C)consumer surplus of all buyers in the market
D)consumer expenditure
E)consumer tastes and preferences

Quizplus · Accepted Answer

Utility is ultimately determined by consumer tastes and preferences. It is the satisfaction or usefulness a consumer derives from consuming a good or service, and this varies from person to person depending on their preferences. Consumer income, prices of goods and services, consumer surplus, and consumer expenditure are all factors that may influence a consumer's decision to purchase or consume a particular good or service, but they do not ultimately determine the level of utility a consumer derives from that consumption.

Utility Is Determined by _____.​

Utility Is Determined by _____.