Question: How is the value of a good or service determined?

Answer: The value of a good or service is determined by the amount that consumers are willing to pay for it.

Question: What is economic utility?

Answer: Economic utility is the ability of a product or service to satisfy a consumer.

Question: What is form utility?

Answer: Form utility is the value added to a product by changing a good’s physical form to make it more satisfying to the consumer.