In economics, the pleasure, happiness, or satisfaction received from a product i

Question

In economics, the pleasure, happiness, or satisfaction received from a product is called:  

      marginal cost.
                                        rational outcome.
                                        status fulfillment.
                                        utility.

The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:                    a command system.
                                        a market system.
                                        communism.
                                        socialism.

Explanation / Answer

1) utility.

2) market system.

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