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There are different goods and services that have utility for people. Some of them include food, health care services, transportation and so much more.
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∙ 8y ago
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People consume particular goods or use particular services because the goods or services have?
utility
People consume particular goods or use particular services because the goods or services have what?
They have utility. They have been convinced by advertising that they want them, need them, or theirs is the best one.
The orderly transfer of goods and services is --------- utility?
ownership
What satisfaction do consumers get from the goods and services they purchase?
Utility.
How people use goods and services to satisfy their wants and needs is called?
Utility is the term used to measure the satisfaction of goods purchased and used. The concept of utility is abstract, since every person's utility is different.
What are the assumptions of cardinal utility theory and ordinal utility theory?
Cardinal: people can enumerate their utility differences from different baskets of goods or services. I.e.) they can put a number to how much they like something. Ordinal: people can provide rankings of different baskets of goods or services. I.e.) they can say which combinations of goods they like better than others, but not by how much. Additionally, we basically assume transitivity, continuity, rationality, and convexity of preferences.
The orderly transfer of goods and services is what kind of utility?
d. ownership
What do consumers expect when they buy products and services?
When consumers buy goods and services, they expect them to be as good as the seller claims they are. They look for utility when they purchase the goods.
What are the differences between facility and utility?
Facility often refers to a location while Utility often refers to an object/goods/services
Measurement of personal satisfaction of wants and needs gained from the use or consumption of goods and services.?
Its a Utility ~
What measurement of personal satisfaction of want and needs gained from the use or consumption of goods and services?
Its a Utility ~
Is a wife in Maryland responsible for utility bills that were incurred by both while his husband was living?
Yes, they will be responsible. They are considered to have benefited from the goods and services of the utility.
