Which of the Following Statements Is True of Utility

question 49

Multiple Choice

Which of the following statements is true of utility?

• 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 Darlene or Julie gets more utility from consuming two units of the same good.
• C)The utility of goods can be measured, while that of services cannot.
• D)Utility is a subjective measure of satisfaction an individual receives from consuming a good or service.
• E)The concept of utility is useful only if there is no scarcity.

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Definitions:

Environmental Strategy

A plan of action adopted by an organization to interact with its environment in a sustainable and beneficial manner, often with the goal of reducing negative environmental impact.

Functional Strategy

A specific approach taken by a department or unit within an organization to achieve its goals and contribute to the overall business strategy.

Operating Strategy

A plan that outlines how a business will use its resources to achieve its objectives and maintain competitive advantage.

Corporate Strategy

An overall, long-term plan of action designed to achieve the core objectives and overarching goals of an entire organization.