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zavuch27 [327]
3 years ago
13

To an economist, utility refers to the______________.a. usefulness of a good or service.b. satisfaction that results from the co

nsumption of a good.c. relative scarcity of a good.d. rate of decline in the demand curve.
Business
1 answer:
frozen [14]3 years ago
4 0

Answer:

The correct answer is letter "B": satisfaction that results from the consumption of a good.

Explanation:

Utility is referred to as the satisfaction or joy an individual perceives by consuming a good or service. The more the individual consumes that good the higher the satisfaction until a point where the joy starts to diminish and is eventually null. The concept of utility assumes individuals make rational decisions to maximize their benefits.

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