Question

Utility is a subjective and relative concept.

• A. True
• B. False

Answer 1

The correct option is A True

A subjective concept means that every individual will have a slightly different opinion about a product or idea. The same way every individual will derive a different utility from a product. For example, a surf boat would not give an individual who does not surf any utility. Whereas a surfer would find a surf boat giving him a lot of satisfaction.