Question

The utility of a good or service 1. is synonymous with usefulness. 2. is the satisfaction or pleasure one gets from consuming it. 3. is easy to quantify. 4. rarely varies from person to person.

Answer 1

Answer:

B. is the satisfaction or pleasure one gets from consuming it.

Explanation:

The utility is the concept which marks the level of satisfaction that a person gets after consuming a particular good. The utility obtained cannot be measured in terms of the weight of the physical property of the goods. It is the result of the satisfaction of the customers after consuming it. The utility exists not in the product but the consumption of it.