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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Tia Middleton

Business

27 July, 11:54

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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Dylan Rivas · Answer 1

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.