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| 1. |
What is meant by the term utility...??? |
| Answer» Utility is the term in Economics that refers to the total satisfaction received from consuming a good or service economic.<br>Utility<br>The total satisfaction gained by a good by consuming it.<br>Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. In practice, a consumer\'s utility is impossible to measure and quantify. However, some economists believe that they can indirectly estimate what is the utility for an economic good or service by employing various models. | |