A big concern with trying to measure utility is that:a. it is difficult to measure marginal utility.b. individuals cannot place utility values on different goods and services.c. to measure utility, you need monetary values of the goods and services.d. each individual has a unique personal scale for her or his utility measures.e. there is no distinction between utility for goods and utility for services

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19-08-2019
Business

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A big concern with trying to measure utility is that:a. it is difficult to measure marginal utility.b. individuals cannot place utility values on different goods and services.c. to measure utility, you need monetary values of the goods and services.d. each individual has a unique personal scale for her or his utility measures.e. there is no distinction between utility for goods and utility for services

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Nyctalus Nyctalus · Answer 1 · 2019-08-23T07:14:23+02:00

Answer: Option D

Explanation: Utility in simple words is the usefulness of any good or service. Utility is a qualitative characteristic and usually cannot be determined in quantitative terms. For example - how much one enjoyed a trip to disney land is the utility of that trip.

As explained earlier it is a qualitative characteristic, therefore, each individual has its own measure of utility based on their own preference and choice.

Hence, from the above we can conclude that option D is correct.