True, False, or Uncertain: “There is no reason to buy a bike rather than a car...

Question

Question

True, False, or Uncertain: “There is no reason to buy a bike rather than a car since the utility gained from having a car is

Answer 1

Answer #1

False

Utility in simple terms is the satisfaction that is gain from buying any good or service

But utility is different for differerent individuals

It cannot be compared for any persons

Utility can be maximize for buying a bike for someone and it can be best for car for any person

So we cannot say that utility of car is always higher than buying a bike

Answer 2

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