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State Whether the Following Statements Are True Or False : Utility is Subjective. - Economics

State whether the following statements are TRUE or FALSE : 

Utility is subjective.  

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Solution

 True, utility is subjective.
Explanation:
Utility is said to be a subjective concept as it differs from person to person. That is, the satisfaction derived from a product will be different for each person due to differences in tastes and preferences.

Concept: Types of Utility
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