The utility of a specific product:
A) is determined by consumer income.
B) is determined by the price of the product.
C) varies from person to person using the product.
D) is constant from person to person using the product.

Question

Quizplus · Accepted Answer

Utility is the satisfaction or benefit that a consumer derives from a product, and it varies from person to person based on their individual preferences, needs, and circumstances. What one person finds useful or valuable may not be the same for another person. Therefore, the utility of a specific product can differ from individual to individual using the product.

The Utility of a Specific Product