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Questions and Answers
In utility theory, the utility of a commodity is objectively determined and the same for all consumers.
In utility theory, the utility of a commodity is objectively determined and the same for all consumers.
False (B)
The utility derived from a good or service is subjective and varies from person to person.
The utility derived from a good or service is subjective and varies from person to person.
True (A)
The utility of a commodity can be different for different consumers.
The utility of a commodity can be different for different consumers.
True (A)
The utility of a product can vary depending on the time and place of consumption.
The utility of a product can vary depending on the time and place of consumption.
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The utility derived from a commodity is always the same for the same consumer, regardless of the circumstances.
The utility derived from a commodity is always the same for the same consumer, regardless of the circumstances.
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