An Item Has Utility for a Consumer If It

question 59

Multiple Choice

An item has utility for a consumer if it

• A)is scarce.
• B)has a high price.
• C)is something everyone else wants.
• D)generates enjoyment or satisfaction.

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Definitions:

College Tuition

The charge or fee for instruction at a college, university, or similar educational institution.

Tangible Capital

consists of physical assets like machinery, buildings, and vehicles that are used in the production of goods or services.

Goodwill

The intangible asset that arises as a result of the acquisition of one company by another for a premium value, representing aspects like brand, customer base, and reputation.

Tangible Capital

Physical assets owned by a firm that are used in the production process, such as machinery, buildings, and equipment.