To an economist, utility refers to the. a. usefulness of a good or service. b. satisfaction that results from the consumption of a good. c. relative scarcity of a good. d. rate of decline in the demand curve.

The correct answer is letter "B": satisfaction that results from the consumption of a good.

Explanation:

Utility is referred to as the satisfaction or joy an individual perceives by consuming a good or service. The more the individual consumes that good the higher the satisfaction until a point where the joy starts to diminish and is eventually null. The concept of utility assumes individuals make rational decisions to maximize their benefits.

it id the first and last option

answer; institution;