{"id":57122,"date":"2024-04-16T00:56:34","date_gmt":"2024-04-16T00:56:34","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=57122"},"modified":"2024-04-16T00:56:34","modified_gmt":"2024-04-16T00:56:34","slug":"which-of-the-following-are-features-of-utility-1-subjective-in-nature-2-based-on-urgency-of-wants-3-same-as-usefullness-4-qualitative-select-the-correct-answer","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-are-features-of-utility-1-subjective-in-nature-2-based-on-urgency-of-wants-3-same-as-usefullness-4-qualitative-select-the-correct-answer\/","title":{"rendered":"Which of the following are features of utility? 1. Subjective in nature 2. Based on urgency of wants 3. Same as usefullness 4. Qualitative Select the correct answer"},"content":{"rendered":"

[amp_mcq option1=”1, 2 and 4″ option2=”2, 3 and 4″ option3=”1, 3 and 4″ option4=”All of the above” correct=”option4″]<\/p>\n

The correct answer is D. All of the above.<\/p>\n

Utility is a measure of satisfaction or pleasure that a consumer derives from consuming a good or service. It is subjective in nature, meaning that it is based on the individual’s own preferences and experiences. Utility is also based on the urgency of wants, meaning that people are more likely to consume goods and services that they need or want more urgently. Utility is not the same as usefulness, as something can be useful but not have any utility to a particular individual. Finally, utility is qualitative, meaning that it cannot be measured in any objective way.<\/p>\n

Here is a more detailed explanation of each option:<\/p>\n

    \n
  1. Subjective in nature<\/strong><\/li>\n<\/ol>\n

    Utility is subjective in nature because it is based on the individual’s own preferences and experiences. What one person finds enjoyable or satisfying, another person may not. For example, some people may enjoy the taste of chocolate, while others may find it to be too sweet.<\/p>\n

      \n
    1. Based on urgency of wants<\/strong><\/li>\n<\/ol>\n

      Utility is also based on the urgency of wants. People are more likely to consume goods and services that they need or want more urgently. For example, if you are very thirsty, you are more likely to drink a glass of water than if you are not thirsty.<\/p>\n

        \n
      1. Not the same as usefulness<\/strong><\/li>\n<\/ol>\n

        Utility is not the same as usefulness. Something can be useful but not have any utility to a particular individual. For example, a hammer is useful for hammering nails, but if you do not own a hammer, it has no utility to you.<\/p>\n

          \n
        1. Qualitative<\/strong><\/li>\n<\/ol>\n

          Utility is qualitative, meaning that it cannot be measured in any objective way. There is no way to say that one good or service has more utility than another. For example, it is impossible to say that a chocolate bar has more utility than a piece of bread.<\/p>\n

          I hope this explanation was helpful. Please let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"

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