Question

1.An example of utility obtained from simply wearing an expensive item could be [ Select ] ["conspicuous consumption", "under clothing gold", "secretive conservation"]   

2. Utility can also be obtained by way of the [ Select ]["conspicuous utility", "cost utility", "transaction utility", "knowledge utility"] such as obtaining something for free (free to you) even if it is a burden to take.     

3. Utility, as in the case of Conspicuous conservation, can also be obtained from [ Select ] ["under consumption", "living within ones means", "over consumption", "lavish spending"]  so long as [ Select ]["others see you", "nobody sees you", "the government compensates you for"] doing it

4. Homer Simpson in the 'Doughnut Hell" example fails to exhibit the law of [ Select ] ["feeling full", "increasing marginal utility", "diminishing marginal utility", "constant marginal utility"] as he treats each additional doughnut as [ Select ]["equally valuable", "less valuable", "of no value", "more valuable"] to the previous

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Answer 1

Question 1

Answer: Conspicuous consumption.

Conspicuous consumption is the best example for utility from wearing an expensive item. Conspicuous consumption can be defined as consuming luxurious goods by consumers. The benefit received from the conspicuous consumption is the utility derived from that consumption. People are getting utility from consuming luxurious or expensive commodities or services. This is conspicuous consumption.