A util is an artificial construct used as a means of measuring the A. costs of producing a good B. price of a good C. satisfaction one receives from the consumption of a good D. difference between the price and the value of a good

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16 September, 03:09

A util is an artificial construct used as a means of measuring the A. costs of producing a good B. price of a good C. satisfaction one receives from the consumption of a good D. difference between the price and the value of a good

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Ray Dudley · Answer 1

C. satisfaction one receives from the consumption of a good.

Explanation:

A util is a hypothetical measure of the satisfaction a consumer gets from consuming a product. It is used when discussing concepts such as total utility, marginal utility, and the law of diminishing returns.

The law of diminishing returns analyses utility, and states that with additional consumption of a product the marginal utility a customer derives starts to reduce.