Consumer preferences
a. do not vary from one consumer to another
b. have little to do with personal tastes and income
c. are not influenced by the utility of goods
d. are individual evaluations of goods and services
e. can be objectively measured and compared across individuals
Question 2
Which of the following statements concerning utility is correct?
a. It is possible to precisely measure the utility an individual receives from consuming a particular good or service
b. It is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good
c. The utility of goods can be measured while the same is not true for services
d. Utility is a subjective measure of satisfaction an individual receives from consuming a good or service
e. It is only useful if there is no scarcity
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