Which of the Following Statements Concerning Utility Is Correct

question 19

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

---

Definitions:

Medical Bills

The invoices and financial charges generated for services rendered by health care providers, hospitals, and clinics.

Insurance Premiums

The amount paid periodically to an insurance company by the insured for coverage under an insurance policy.

Insurance Premiums

Payments made to an insurance company to buy and maintain an insurance policy, typically paid monthly, quarterly, or annually.

Deductible

A deductible is an amount paid by an insured party before the insurance company covers the remaining costs of a claim.