Question

Which of these terms means "the level of satisfaction a need or want provides"? A. Choice B. Scarcity C. Utility D. Opportunity cost

Answer 1

C. Utility

Step-by-step explanation:

Utility is a term that refers to the satisfaction received from consuming a good or a service. This is a very important term, because the utility of a product or service directly influences the demand, which in turn will have a big impact on the price of that good or service. However, utility can be difficult to measure, as sometimes we cannot accurately measure the level of satisfaction someone has with a product or service.

Answer 2

I think the correct answer from the choices listed above is option C. Utility is the terms that means "the level of satisfaction a need or want provides". It is used in economics ans is a measure of preference over a set of goods or services. Hope this answers the question.