Question

The concept utility is __________.

• A. Subjective
• B. Objective
• C. Introspective
• D. Both (A) and (C)

Answer 1

The correct option is D Both (A) and (C)

The concept of utility is:

Subjective: as the utility is differs from place to place, time to time and person to person. Thus utility obtained from consuming a commodity is different for everybody.

Introspective: the utility is self-examining in the sense that it gives a reflection of each individual as utility for everybody is different.