The satisfaction a person receives from consuming goods and services is called A. contentment. B. utility. C. psychic income. D. wealth.
Added by Fernando M.
Close
Step 1
Utility refers to the satisfaction or benefit that a person gains from consuming a good or service. Show more…
Show all steps
Your feedback will help us improve your experience
Nick Johnson and 82 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Satisfaction derived from consumer choices is called . a. Total utility b. Diminishing marginal utility c. Marginal utility
Nick J.
The balanced physiological state we are driven to attain by satisfying our needs is called (A) equilibrium. (B) homeostasis. (C) self-actualization. (D) primary satisfaction. (E) secondary satisfaction.
Joanna Q.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD