ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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utility is being
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useful
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helpful
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a and b
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None of the above
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Explanation:
Detailed explanation-1: -Why is utility important? The utility function is essential because it relates heavily to the law of supply and demand and helps explain consumer behavior through decision theory. Rational consumers purchase things because those goods offer some form of value to them.
Detailed explanation-2: -Utility is the ability of a good to satisfy a want. So a good that might satisfy a particular want, might not be useful for a consumer. For example, alcohol provides utility but it is not useful as it harmful. Was this answer helpful?
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