The relation between an individual's consumption bundle and his or her satisfaction is called a _____ function.
A) demand
B) production
C) consumption
D) utility

Question

Quizplus · Accepted Answer

Utility function represents the relationship between an individual's consumption bundle and his or her satisfaction or happiness. It is used in economics to measure the degree of satisfaction or happiness that a consumer obtains from the consumption of goods and services.

The Relation Between an Individual's Consumption Bundle and His or Her