Which describes the economic idea of utility?

level of satisfaction consumers feel over purchases

number of resources required to produce a good or service

content of advertising aimed at changing spending habits

amount of money consumers are willing to spend

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2 October, 15:53

Which describes the economic idea of utility?

level of satisfaction consumers feel over purchases

number of resources required to produce a good or service

content of advertising aimed at changing spending habits

amount of money consumers are willing to spend

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Answers (1)

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Johan Joseph · Answer 1

level of satisfaction consumers feel over purchases

Explanation:

Utility is the satisfaction associated with the consumption of a particular product. It is the ability of a good or service to address the need or wants of a customer. A product is of a high utility value if it is unique, and solves customer needs and wants better than any other.

Customers prefer to pay more for goods and services that provide high utility. Utility is therefore, the satisfaction or joy derived from the consumption of a purchased good or service.

Which describes the economic idea of utility?level of satisfaction consumers feel over purchasesnumber of resources required to produce a good or servicecontent of advertising aimed at changing spending habitsamount of money consumers are willing to spend

Which describes the economic idea of utility?

level of satisfaction consumers feel over purchases

number of resources required to produce a good or service

content of advertising aimed at changing spending habits

amount of money consumers are willing to spend