In Economics the Term Utility Refers to

question 135

Multiple Choice

In economics the term utility refers to

• A) the subjective benefit or satisfaction a person expects to receive from a choice or course of action.
• B) the number of possible uses for a resource.
• C) the fact that human desire for goods is unlimited while the resources available to meet those desires is limited.
• D) the highest valued alternative that must be sacrificed when a choice is made.

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A psychological assessment that measures the strength of associations between concepts in an individual's mind, revealing unconscious biases or preferences.

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