The Word 'Util' Has Been Used by Economists in the Past

question 206

Multiple Choice

The word 'util' has been used by economists in the past as an objective measure of utility.Today economists believe that

• A)utility cannot be measured objectively.
• B)utility can be measured objectively because people can use prices of different goods to measure utility.
• C)all of the important conclusions of the economic model of consumer behaviour depend on utility being measured objectively.
• D)the util truly is an objective, rather than a subjective, measure of utility.

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Definitions:

Private Room

A single occupancy room in a healthcare facility provided to a patient for privacy and personalized care.

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The mental and emotional effects or consequences that an event, condition, or disease may have on an individual's psychological well-being.

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The process of separating sick individuals from healthy ones to prevent the spread of diseases.

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A psychological defense mechanism where a person refuses to accept reality or facts, often as a way to avoid dealing with uncomfortable emotions or situations.