Economists measure the personal satisfaction someone gets from consuming goods and services with the concept of

QUESTION POSTED AT 01/06/2020 - 01:13 PM

Answered by admin AT 01/06/2020 - 01:13 PM

Economists measure the personal satisfaction derived from consuming goods and services with the concept of UTILITY. Utility refers to the total satisfaction derived from consuming a good or service. The utility of a good or service has direct influence on demand  and therefore price of that product.
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