Which of the following is NOT true of utility?
A) It represents the want-satisfying power of a good.
B) It is measured using a representative unit called a util.
C) The utility that a good provides depends on a consumer's preferences.
D) Utility can be measured objectively.

Question

Quizplus · Accepted Answer

Utility is a subjective concept and cannot be measured objectively. It varies from person to person and depends on individual preferences and tastes.

Which of the Following Is NOT True of Utility