Utility Is

question 29

Multiple Choice

Utility is:

• A)a quantitative measure of consumers' preferences.
• B)an objective measure of a person's happiness.
• C)as difficult to measure as an individual's income level.
• D)a meaningful number measuring a consumer's precise level of satisfaction.

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Definitions:

Liability

A legal responsibility or obligation.

Entitlement To Payment

The legal right or claim to receive a specific sum of money.

Dishonor

In legal and financial contexts, dishonor refers to the failure to fulfill an obligation, such as when a check is not honored by a bank due to insufficient funds.

Negotiable Note

A financial instrument containing a promise to pay a certain amount of money, either on demand or at a future date, which is transferable by endorsement.