Question

A utility function is a description statement that relates total utility to ___________.

• A. price
• B. income
• C. the production of goods and services
• D. the consumption of goods and services

Answer 1

The correct option is D the consumption of goods and services

Utility function describes that how an individual consumes different goods and services by comparing them to the utility which they are getting in each successive unit of consumption whose sum is regarded as the total utility which the overall consumption is yielding.