Is utility subjective?
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1. Why is utility a âsubjective conceptâ? How does the subjective nature of utility limit the practical usefulness of the marginal utility of consumer behavior?
2. What assumptions are made about consumers and the nature of goods and services in developing the marginal utility theory of consumer demand?
Economists believe that:
A. Utility is impersonal and objective.
B. Utility is personal and subjective.
C.Utility can be measured like temperature.