Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good.

Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter14: Monopolistic Competition And Product Differentiation

Section: Chapter Questions

Problem 11P

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Question

Utility from consuming a good is understood by economists to mean;
1. (a) how often we consume the good.
2. (b) how much satisfaction or benefit we get from consuming the good.
3. (c) how much it costs to buy the good.
4. (d) how we best use the good.

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