Question

Which of the following is a characteristic of utility?

(a) Utility is a psychological phenomenon
(b) Utility is subjective.
(c) Utility is a relative concept
(d) All of these​

Answer 1

Answer:

d) all of these

option d is the correct answer

Answer 2

(d) All of these​ the following are the characteristics of the utilities.

Explanation:

Utility:

• Utilization is the power to satisfy the need of an object.  

Utilities have four types:

Utility of form: This application is obtained when you convert a form to something that fulfills your wishes.  

Space Utility: This utility is obtained when you move goods from one place to another.  

Utility of time: It is obtained by keeping or storing items for a certain period of time so that they can be used later.  

Service utility: It is obtained by providing professional services to the consumers.

Characteristics of utilities:

• This is the basis of need.
• It can be used for multi-purposes.
• The ethical neutral utility has no moral significance.
• The utility is not like a pressure
• The utilities differ from usefulness and satisfaction.
• The utilities are cannot be measured.
• Utilities are a psychological phenomenon.
• The utility is subjective.
• The utility is a relative concept.