In economics, the pleasure, happiness, or satisfaction received from a product is called ______?
Correct answer: D. utility
- A. marginal cost
- B. rational outcome
- C. status fulfillment
- D. utility
Explanation
Utility is the satisfaction or pleasure a consumer receives from consuming a good or service. Marginal cost instead refers to the additional cost of producing one more unit.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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