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Utility in Economics Quiz

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Questions and Answers

What is utility in the language of economics?

Utility refers to the satisfying power of a commodity.

What is an example of utility in everyday life?

When we are thirsty, we demand water because we believe that water has the power to quench our thirst.

What is multipurpose utility?

Utility is multipurpose, meaning it can satisfy multiple wants and can be put to several uses.

Why is utility considered a subjective concept?

Utility is subjective and varies from person to person. It depends on an individual's preferences and need. Signup and view all the answers

How is utility relative?

Utility is relative to time and place. The right thing at the right time and place provides the most utility. Signup and view all the answers

What does utility refer to in the language of economics?

The satisfying power of a commodity Signup and view all the answers

What is an example of multipurpose utility?

Electricity Signup and view all the answers

In what way is utility relative?

Relative to time and place Signup and view all the answers

Why is utility considered a subjective concept?

It depends on an individual's preferences and need Signup and view all the answers

What does utility depend on?

An individual's preferences and need Signup and view all the answers

Study Notes

What is Utility?

Utility refers to the satisfying power of a commodity, which means it fulfills our desires.
Every commodity possesses utility, which is the ability to satisfy our wants.

Features of Utility

Multipurpose Utility: Utility can satisfy multiple wants and be used for several purposes.
- Example: Electricity can be used for various purposes.
Relative Concept: Utility is relative to time and place, meaning the right thing at the right time and place provides the most utility.
- Example: Woolen clothes are useful in cold weather, and raincoats and umbrellas are useful during rainy seasons.
Subjective Concept: Utility is subjective and varies from person to person.
- It depends on an individual's preferences and needs.

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Description

Test your knowledge of utility in economics with this informative quiz. Explore the concept of utility and its importance in understanding consumer behavior and decision-making. Dive into the features and types of utility to enhance your understanding of this fundamental economic concept.