5 Questions
In utility theory, the utility of a commodity is objectively determined and the same for all consumers.
False
The utility derived from a good or service is subjective and varies from person to person.
True
The utility of a commodity can be different for different consumers.
True
The utility of a product can vary depending on the time and place of consumption.
True
The utility derived from a commodity is always the same for the same consumer, regardless of the circumstances.
False
Test your knowledge on utility and its role in our everyday lives with this quiz! Explore the concept of utility, its definition, and its importance in satisfying human wants. Challenge yourself and enhance your understanding of consumer satisfaction.
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