Utility is a ____ concept
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Answer:
the correct answer is loose concept
Explanation:
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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.
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