Utility is
A)easily measured because all people derive the same utility from consumption
B)easily measured because it is an objective concept
C)easily measured because it is a subjective concept
D)hard to measure because it is a subjective concept
E)hard to measure because it is an objective concept

Question

Quizplus · Accepted Answer

Utility is the satisfaction or pleasure that a person derives from consuming a product or service, and it varies from person to person depending on individual tastes, preferences, and circumstances. Therefore, it is a subjective concept that is difficult to measure objectively.

Utility Is