Final answer:
Utility is the satisfaction consumers gain from consuming goods and services. Economists measure satisfaction with the concept of utility and observe diminishing marginal utility over time.
Explanation:
Utility is the economic term that describes the satisfaction consumers derive from consuming goods and services. Economists use the concept of utility to measure a person's level of satisfaction or happiness with their choices. The law of diminishing marginal utility explains how the additional satisfaction from consuming each additional unit of a good decreases over time.
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