The CEO of a Fortune 500 company goes to a convenience store and finds many options for chewing gum. His demand for gum is likely:   a elastic because it is a small portion of his income. b elastic because he has many options. c inelastic because it is a small portion of his income. d inelastic because he has few options.

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.