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When maximizing utility in economics, what is being maximized?
A. Costs.
B. Elasticity.
C. Satisfaction.
D. Profits.
Answer:C
C is corrent. Utility involves maximizing satisfaction.
A is incorrect. Utility involves maximizing satisfaction and not minimizing total costs.
B is incorrect. Elasticity involves the relationship between price and total revenue.
D is incorrect. Utility involves maximizing satisfaction and not total revenue minus total costs.