Question

Utility is a ____ concept

Answer 1

Answer:

the correct answer is loose concept

Explanation:

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Answer 2

Utility is a subjective and introspective concept.

Explanation:

The utility notion is as follows:

• Subjective: Utility is subjective because utility varies from location to location, time to time, and person to person. As a result, the utility derived from consuming a product differs for each individual.
• Introspective: utility is self-examining in the sense that it provides a mirror of each individual since utility is different for everyone.