The word "util" has been used by economists in the past as an objective measure of utility.Today economists believe that
A)utility cannot be measured objectively.
B)utility can be measured objectively because people can use prices of different goods to measure utility.
C)all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
D)the util truly is an objective, rather than a subjective, measure of utility.

Question

Quizplus · Accepted Answer

Modern economists believe that utility cannot be measured objectively as it is a subjective concept that varies from person to person. While prices of goods can give us information about the value people place on different goods, they do not provide an objective measure of utility as utility itself is not a tangible thing that can be measured.

The Word "Util" Has Been Used by Economists in the Past