Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis4 Marks
Question
Utility is a relative concept.
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Answer
Yes, I agree with this statement.
Relative Concept : Utility is a relative concept because it is related to time, place and person. It changes from time to time, place to place and from person to person.
E.g. fan has greater utility in summer than winter, sweater has greater utility in cold regions.
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