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

question 264

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 behavior depend on utility being measured objectively.
• D)the util truly is an objective, rather than a subjective, measure of utility.