Utility Is Defined as The

question 73

Multiple Choice

Utility is defined as the:

• A) sense of pleasure or satisfaction derived from consuming goods and services.
• B) cost of acquiring goods and services.
• C) profits consumers earn from consuming goods and services.
• D) monetary value to consumers of goods and services.

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Definitions:

Price Elasticity

A measure of how the quantity demanded or supplied of a good changes in response to a change in its price.

Substitutes

Goods or services that can be used in place of each other, fulfilling similar needs or desires.

Price Elasticity

An indication of the extent to which the demand or supply of a product alters following a variation in its price.