Utility is a _____ concept
A. Psychological
B. social
C. economical
D. political
Answers
utility is a economical concept
Answer :
A. Psychological
Explanation :
Utility refers to the satisfaction or happiness that a consumer derives from consuming a particular good or service. It is a subjective measure that varies from person to person based on their preferences, tastes, and individual circumstances. Therefore, utility is a psychological concept because it is related to human behavior, emotions, and cognitive processes.
Economists use the concept of utility to analyze consumer behavior and demand for goods and services. By understanding what factors influence consumers' utility, they can make predictions about how changes in prices or income will affect their behavior in the market. The concept of utility also underlies the development of utility theory, which is a fundamental concept in microeconomics that helps explain how consumers make decisions in the face of scarcity.
In conclusion, utility is a psychological concept that is widely used in economics to analyze consumer behavior and demand. It is a subjective measure of the satisfaction or happiness that individuals derive from consuming goods and services and plays a crucial role in understanding how consumers make choices in the marketplace.
To know more about the concept please go through the links :
https://brainly.in/question/47188311
https://brainly.in/question/47537224
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