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Which of the following is used by economists to measure the sat…

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

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following is used by economists to measure the satisfaction a person gets from the use or consumption of goods and services?
  • Answers:
  1. The concept of utility.
  2. Marginal analysis.
  3. A cost-benefit ratio.
  4. Non-monetary costs and benefit.

The correct answer is: The concept of utility. Utility is a person's satisfaction with the outcomes they get from using goods and service

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