Introduction to Economics Unit Test
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Question
Define utils.(1 point)
Responses
Utils are the power of a particular good, service, or action to satisfy a person's wants.
Utils are the power of a particular good, service, or action to satisfy a person's wants.
Utils are the change in total utility resulting from a one-unit increase in consumption.
Utils are the change in total utility resulting from a one-unit increase in consumption.
Utils are a theoretical measure of utility and are used to rank preferences mathematically.
Utils are a theoretical measure of utility and are used to rank preferences mathematically.
Utils are a theoretical measure of utility and are used to measure the overall good that any action has on society as a whole.
Utils are the power of a particular good, service, or action to satisfy a person's wants.
The correct answer is:
Utils are the power of a particular good, service, or action to satisfy a person's wants.