Question

The extent to which consumers receive happiness or benefit from a purchase is called ___

Utility
Substitute
marginal cost.

Answer 1

The extent to which consumers receive happiness or benefit from a purchase is called utility.

Utility is a measure of the satisfaction that consumers receive from consuming goods and services. It is a subjective measure, and different consumers will value different goods and services differently.

Utility is an important concept in economics, as it is used to explain consumer behavior. For example, economists use utility to explain why consumers buy different quantities of goods and services at different prices.

In the context of your question, the extent to which consumers receive happiness or benefit from a purchase is called utility. The higher the utility of a purchase, the happier or more benefited the consumer will be.

Step-by-step explanation: