What is the economic definition of utility? utility is

a. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.

b. the decrease in additional satisfaction consumers receive as they consume more of a good or service during a given period of time.

c. the change in enjoyment or satisfaction a person receives from consuming one additional unit of a good or service.

d. the enjoyment or satisfaction people receive from consuming goods and services.

e. the sum of consumer and producer surplus?

Question

Jacquelyn Meza

Business

14 January, 16:43

What is the economic definition of utility? utility is

a. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.

b. the decrease in additional satisfaction consumers receive as they consume more of a good or service during a given period of time.

c. the change in enjoyment or satisfaction a person receives from consuming one additional unit of a good or service.

d. the enjoyment or satisfaction people receive from consuming goods and services.

e. the sum of consumer and producer surplus?

+5

Answers (1)

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Bo Porter · Answer 1

Students in Mrs. Carr’s class are asked to make a prediction after reading this passage from White Fang.

But the bane of his life was Lip-lip. Larger, older, and stronger, Lip-lip had selected White Fang for his special object of persecution. White Fang fought willingly enough, but he was outclassed. His enemy was too big. Lip-lip became a nightmare to him. Whenever he ventured away from his mother, the bully was sure to appear.

Which student prediction is most reasonable?