Question

State with reasons whether you agree or disagree with the following statements. 1. Utility is a relative concept​

Answer 1

Answer:

Utility is a relative concept. This means that it is relative and differs from person-to-person, place-to-place and time-to-time. It is not standard and every individual will obtain a different level of satisfaction (utility) from the consumption of the same good.

Explanation:

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Answer 2

Answer:

Utility is a relative concept. This means that it is relative and differs from person-to-person, place-to-place and time-to-time. It is not standard and every individual will obtain a different level of satisfaction (utility) from the consumption of the same good.