Which of the Following Statements Concerning Utility Is Correct

question 93

Multiple Choice

Which of the following statements concerning utility is correct?

• A)It is possible to precisely measure the utility an individual receives from consuming a particular good or service
• B)It is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good
• C)The utility of goods can be measured while the same is not true for services
• D)Utility is a subjective measure of satisfaction an individual receives from consuming a good or service
• E)It is only useful if there is no scarcity

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Definitions:

Self-controlled

Having the ability to regulate one's emotions, thoughts, and behavior in the face of temptations and impulses.

Cultural

Pertaining to the customs, arts, social institutions, and achievements of a particular nation, people, or other social group.

Survival

The state of continuing to live or exist, often despite hardship or danger.

Economic

Relating to the system that involves the production, distribution, and consumption of goods and services within a society.