Question : Utility is a subjective concept:
Option 1: Differs from person to person
Option 2: Differs from time to time
Option 3: Differs from product to product
Option 4: All of these
Answer (1)
24th Jan, 2024
Correct Answer: All of these
Solution : The correct answer is (d) All of these.
Utility is a subjective concept that differs from person to person, as individuals have different preferences and tastes. It also differs from time to time, as preferences and needs can change over time. Additionally, utility can vary from product to product, as different products can provide different levels of satisfaction or fulfill different needs for individuals
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