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Which of the following is measured by utility?

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

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following is measured by utility?
  • Answers:
  1. The cost of adding a single unit of something.
  2. The difference between revenue and costs.
  3. The satisfaction a person gets from consumption.
  4. The most efficient way of organizing production.

The correct answer is: The satisfaction a person gets from consumption. Utility is a person's satisfaction with the outcomes he or she gets from using goods and services.

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