What is a util?

It is an imaginary unit of satisfaction used to illustrate the logic of choice.
It is a real unit of satisfaction that can be measured in a person's brain waves.
It is a real unit of satisfaction but it cannot be measured (yet).
It is a measure of how useful something is, and can be used to separate true needs from wants.

A budget constraint:

illustrates the utility people get from goods.
tells how much debt the federal government will have to issue.
is a relationship between price and the amount people will buy.
separates combinations of goods that are affordable from those that are not.

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