The Utility of a Good or Service

question 312

Multiple Choice

The utility of a good or service

• A)is synonymous with usefulness.
• B)is the satisfaction or pleasure one gets from consuming it.
• C)is easy to quantify.
• D)rarely varies from person to person.

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Definitions:

DVD

A digital versatile disc (DVD) is a type of optical storage media used for video, audio, and data storage.

CD

A compact disc, a small plastic disc used to store data digitally, including music, images, or software.

Budget Constraint

The limits on the consumption bundles that a consumer can afford, based on their income and the prices of goods and services.

DVD

a digital storage format used to store high-quality video, audio, and data.