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ochresea-lion451Lv1

18 Aug 2020

In economics, the pleasure, happiness, or satisfaction received from a product is called

A. Marginal cost.

B. Rational output

C. Status fulfilment.

D. Utility

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20 Sep 2020

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Related textbook solutions

Principles of Economics

2nd Edition, 2017

ISBN: 9781947172364

Principles of Macroeconomics

ISBN: 9781947172388

Principles of Microeconomics

ISBN: 9781947172340

Related questions

The utility of a good or service:

A) is synonymous with usefulness.

B) is the satisfaction or pleasure one gets from consuming it.

C) is easy to quantify.

D) rarely varies from person to person.

The satisfaction received by the consumption of goods and services is called ____________.

a. marginal utility

b. the law of diminishing marginal utility

c. All of these

d. utility

1. Which of the following defines marginal utility?

A. the change in total utility divided by the price of a product

B. the maximum amount of satisfaction from consuming a product

C. the total satisfaction received from consuming as much of the product that is available for consumption

D. the additional satisfaction received from consuming one more unit of a product

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