GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is NOT a feature of Utility
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Subjective
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Measurable
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Relative
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No moral or legal connotations
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Explanation:
Detailed explanation-1: -In practice, a consumer’s utility is usually impossible to measure or quantify. However, some economists believe that they can indirectly estimate what is the utility of an economic good or service by employing various models.
Detailed explanation-2: -In the real world, one cannot always measure utility. One cannot add different types of satisfaction from different goods. For measuring it, it is assumed that utility of consumption of one good is independent of that of another. It does not analyze the effect of a change in the price.
Detailed explanation-3: -What are the characteristics of utility? Four characteristics of utility are form, time, place, and possession.
There is 1 question to complete.