Utility is best defined as
A) the amount one is willing to pay for a good.
B) the price of a good.
C) the satisfaction from consuming a good.
D) the practical usefulness of a good.
C
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Which of the following is the most accurate description of the US between 1880 and 1920?
a. The United States became the leading manufacturer in the world in terms of total production and output per worker. b. The quality of manufactured goods dropped c. American families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home. d. No advertising was used because TV and radio had not yet been invented.
Given that income is $200 and the price of good Y is $40, what is the vertical intercept of the budget line?
A. 5 B. 1/5 C. 20 D. 8,000