The word 'util' has been used by economists in the past as an objective measure of utility.Today economists believe that
A)utility cannot be measured objectively.
B)utility can be measured objectively because people can use prices of different goods to measure utility.
C)all of the important conclusions of the economic model of consumer behaviour depend on utility being measured objectively.
D)the util truly is an objective, rather than a subjective, measure of utility.

Question

Quizplus · Accepted Answer

Modern economists do not believe that utility can be measured objectively as it is a subjective concept and varies from person to person. Utility is based on individual preferences and cannot be measured using a single objective measure.

The Word 'Util' Has Been Used by Economists in the Past