A teacher teaching in class said, "Different individuals can get different levels of utility from the same commodity." According to you, what did the teacher mean?
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Utility is subjective in nature Utility is objective in nature Utility is constant None of the above |
Utility is subjective in nature |
Utility is subjective in nature, which means different individuals can get different levels of utility from the same commodity. For example, someone who likes chocolates will get much higher utility from a chocolate than someone who is not so fond of chocolates. |