Which of the following statements is FALSE?
A) Utility is the difference between the consumer's assets and her liabilities.
B) One person's utility cannot be compared to another person's utility.
C) A utility function gives the relationship between a consumer's well-being and the quantity of goods consumed.
D) Inputs into a utility function may include wool socks, DVD rentals, roller coaster rides, asparagus, and Sunday church services.

Question

Quizplus · Accepted Answer

Utility is a measure of satisfaction or happiness that a consumer gets from consuming goods and services, not the difference between assets and liabilities.

Which of the Following Statements Is FALSE