Which of the Following Statements Is True About Utility

question 63

Multiple Choice

Which of the following statements is true about utility?

• A) Economists measure utility with a unit they refer to as a util.
• B) Utility is easy to measure across individuals.
• C) All products produce the same level of utility.
• D) Everyone receives the same level of satisfaction from the same good or service.
• E) Economists measure utility with a unit they refer to as an utte.

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Definitions:

Reciprocity of Liking

The tendency for individuals to like others who express liking towards them, playing a significant role in the development of friendships and romantic relationships.

Different

Not the same as another or each other; unlike in nature, form, or quality.

Rich

Having an abundance of wealth, resources, or valuable possessions.

Halo Effect

A cognitive bias in which an observer's overall impression of a person, company, brand, or product influences the observer's feelings and thoughts about that entity's character or properties.