Question

.) Choose the correct option:
(1) Statements that are correct in relation to utility
(a) Utility is subjective concept.
(b) Utility and usefulness are one and same.
(c) Utility is ethically neutral.
(d) Utility and pleasure are one and same.
Options : (1) a and b
(2) b and c
(3) c and d
(4) a and c​

Answer 1

c and d are the correct answers

Answer 2

Statements that are correct in relation to utility are (a) and (c). (Option 4)

• The utility is a term used to express the satisfaction derived by the consumption of goods.
• The level of satisfaction derived can be different for different people and is a subjective aspect.
• It is ethically neutral. A good can satisfy every person in a unique manner and does not vary as good or immoral, etc.
• A good may have utility but does not need to be useful or provide pleasure.