​Which of the Following Best Describes the Economic Concept of Utility

question 1

Multiple Choice

​Which of the following best describes the economic concept of utility?

• A) Utility is the total number of units a consumer buys.
• B) Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility.
• C) Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service.
• D) None of the above are correct.

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Definitions:

Escrow Agent

A neutral third party responsible for holding and regulating the payment of the funds required for two parties in a transaction.

Notary Public

An official authorized to witness the signing of documents and certify their authenticity for legal purposes.

Paralegal

A legal assistant who performs tasks such as research and documentation under the supervision of an attorney.

Title Examination

The process of reviewing public records to determine the legal ownership of property and to identify any claims, liens, or encumbrances on it.