In Economics, Utility Is Defined as

question 358

Multiple Choice

In economics, utility is defined as

• A) the want-satisfying power of a good or service.
• B) the usefulness of a good or service.
• C) the utilitarian value of a good or service.
• D) the objective measure of the desirability of a good or service.

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Definitions:

Average Age

The mean age of a group of individuals, calculated by adding their ages together and dividing by the number of individuals.

Random

A process or selection made without method or conscious decision, which is unpredictable and without a discernible pattern.

Census

A comprehensive count and survey of a population, usually conducted by a government.

Response Rate

The percentage of people who respond or react to a request or stimulus, often used in research or surveys.