Utility Is

question 52

Multiple Choice

Utility is:

• A)useful in describing a person's preferences for one good over another.
• B)useful in comparing different people's preferences for a particular good.
• C)useful in predicting when to put an item on sale.
• D)an interesting concept,but not really useful for anything.

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Definitions:

Inelastic

Describes a situation where the demand or supply for a product doesn't change significantly when the price of the product changes.

Stadium Capacity

The maximum number of spectators that a sports venue can accommodate during an event.

Supply of Seats

Refers to the number of seats available, often in context to theaters, vehicles, or other venues where seating is limited.

Ticket Prices

The cost assigned for admission to an event, such as a movie, concert, or sports event.