Question

Introduction to Economics Unit Test
7 of 217 of 21 Items
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.

Answer 1

Utils are the power of a particular good, service, or action to satisfy a person's wants.