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Utility & Consumer's Equilibrium · Question 5 of 73

Question 5

EasyOriginal question

Read the two statements and choose the correct option.

I. Utility is subjective: the same good can give different utility to different people.

II. Utility depends on the price of the good.

Options for question 5

Show the answer and explanation
CorrectNot quiteAnswer A

Correct answer: A

Explanation

  1. I is true: utility depends on the person's want and how strong it is.

  2. II is false: utility is a matter of satisfaction, not of the price paid.

Concept
Nature of utility
Typical time
40 s
Your time
—
The rule this testsTotal and marginal utility
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Ten questions from Utility & Consumer's Equilibrium, at your own pace.

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