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6 Oct 2020
Utility refers to the:
a. usefulness of a good in relation to its scarcity
b. necessity of a good
c. price of a good
d. number of goods a consumer has
e. pleasure, or satisfaction a consumer receives upon consuming a good.
Utility refers to the:
a. usefulness of a good in relation to its scarcity
b. necessity of a good
c. price of a good
d. number of goods a consumer has
e. pleasure, or satisfaction a consumer receives upon consuming a good.
Darryn D'SouzaLv10
28 Oct 2020
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Related questions
Which of the following statements is correct?
i. utility refers to the satisfaction or fuzzy glow derived from consumption of goods
ii. utility and usefulness are synonymous (i.e., they have equivalent meanings)
iii. a good may yield utility when acquired but not be functionally useful
iv. the marginal utility from consuming an additional unit of a good will be positive, whereas the marginal utility of consuming an additional unit of a bad will be negative
| i and ii |
| i and iii |
| i and iv |
| i, ii, and iii |
| i, ii, and iv |
| i, iii, and iv |
| i, ii, iii, and iv |
