Economy, asked by sau68, 8 months ago

state with the reason whether you agree or disagree with the following statements: Utility is a relative concept

Answers

Answered by maheshsingha553

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.

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