1
Question
Utility can be measured in terms of ________.
Utility can be measured in terms of ________.
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Solution
The correct option is B Utils
Utility can be measured in terms of utils. There was no standard unit of measuring utility which a person derives from consumption of goods and services. So the economists came up with an imaginary measure called util. Utils are imaginary and psychological units which are used to measure satisfaction (utility) obtained from the consumption of a certain quantity of a commodity.
Utility can be measured in terms of utils. There was no standard unit of measuring utility which a person derives from consumption of goods and services. So the economists came up with an imaginary measure called util. Utils are imaginary and psychological units which are used to measure satisfaction (utility) obtained from the consumption of a certain quantity of a commodity.
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