Practice Quiz

AP Microeconomics

Category - Microeconomics

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Which of the following terms is used in economics as a measure of a person’s (typically a consumer’s) sense of satisfaction?
  1. Marginal
  2. Utility
  3. Slope
  4. Demand
Explanation
Answer - B - The term “utility” is used in economics as a measure of a person’s (typically a consumer’s) sense of satisfaction.

Key Takeaway: Utility is typically discussed within the context of the law of diminishing marginal utility. This law states that as a person gains more of one particular item, that person will have less satisfaction (or utility) from obtaining that one more unit.
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