Question

22. Which of the following is a characteristic of utility ? (a) Utility is a psychological phenomenon (b) Utility is subjective (c) Utility is a relative concept (d) All of these​

Answer 1

Answer:

All of the above

Explanation:

Mark brainlest

Answer 2

(d) All of these are the characteristics of utility

Explanation:

• Utility is a psychological term that is subjective. It is the mental evaluation of a commodity. As a result of differences in taste, preference likes, and dislikes, utility varies from person to person. Chalks, for example, are more useful to an instructor than to a pupil.
• The Utility cannot be quantified: The concept of utility is psychological and subjective. It is non-tangible. As a result, it cannot be measured either cardinally or numerically. It can only be conveyed in an ordinary way. For example, the first piece of bread will be more useful to a hungry individual than the second slice. Marshall, on the other hand, believes that utility may be quantified cardinally.
• The term "utility" is a relative concept: It has to do with time and location. The usefulness of the same product changes as time and place vary. Summer beverages are more useful than winter drinks. Woollen clothing is more useful in Kashmir than in Mumbai.