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The personal satisfaction someone gets from consuming goods and…

  • Question 9a of 25 - Utility and risk-aversion

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: The personal satisfaction someone gets from consuming goods and services is known as which of the following?
  • Answers:
  1. Preference.
  2. Money.
  3. Outcomes.
  4. Utility.

The correct answer is: Utility. Utility is the concept that economists use to measure a person's satisfaction with the outcomes they get from consumption.

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