why utility is relative
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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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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.
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