What is the economic definition of utility? utility is
a. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.
b. the decrease in additional satisfaction consumers receive as they consume more of a good or service during a given period of time.
c. the change in enjoyment or satisfaction a person receives from consuming one additional unit of a good or service.
d. the enjoyment or satisfaction people receive from consuming goods and services.
e. the sum of consumer and producer surplus?
the change in enjoyment or satisfaction a person receives from consuming one additional unit of a good or service. The idea is that the more we consume of something the less we will enjoy it.
