Question

What role does utility LOADING... play in the economic model of consumer​ behavior? When modeling consumer​ behavior, utility

A. identifies the combination of goods and services that can be produced most efficiently.

B. reflects the satisfaction a consumer receives from consuming a particular set of goods and services.

C. provides an objective measure of enjoyment from consuming a particular set of goods and services in units called​ "utils."

D. identifies the consumer who receives the most satisfaction from consuming a particular set of goods and services.

E. identifies the combination of goods and services that is most expensive.

Answer 1

Answer: B. reflects the satisfaction a consumer receives from consuming a particular set of goods and services.

Economists say that goal of a consumer is utility maximization. Consumer always attempts to derive the maximum satisfaction from the consumption of goods or services with the available money.

(Utility means satisfaction)