Question

What role does utilityLOADING... play in the economic model of consumer​ behavior? When modeling consumer​ behavior, utility A. identifies the combination of goods and services that can be produced most efficiently. B. provides an objective measure of satisfactionsatisfaction from consuming a particular set of goods and services in units called​ "utils." C. reflects the enjoymentenjoyment a consumer receives from consuming a particular set of goods and services. D. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services. E. identifies the combination of goods and services that is leastleast expensive.

Answer 1

Answer:

B. provides an objective measure of satisfaction from consuming a particular set of goods and services in units called​ "utils."

Explanation:

When modeling consumer​ behavior, utility provides an objective measure of satisfaction from consuming a particular set of goods and services in units called​ "utils."

In economics, the utility function measures the welfare or satisfaction of a consumer as a function of consumption of real goods such as food or clothing.

Utility function is widely used in the rational choice theory to analyze human behavior.