Question

Is the following statement true or false?

Utility is synonymous with pleasure.

Answer 1

This statement is false.

Explanation:

Utility in economics refers to the total satisfaction or benefit derived from the consumption of a good or service.

It is subjective, relative and abstract, meaning it cannot be seen or touched and varies from person to person.

Importantly, utility is not necessarily related to pleasure. 

A commodity may have utility even if it does not give pleasure when consumed.

For example, quinine is bitter and unpleasant in taste but has utility because it treats malaria. 

Therefore, there is no direct relationship between utility and pleasure and utility should not be considered synonymous with pleasure.