Post Utme Igbinedion University 2018 Economics Question 36

Practice objective / multiple choice question 36 from the 2018 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2018 Economics Objective / Multiple Choice
Question 36 POST_UTME_IGBINEDION_UNIVERSITY • 2018 • ECONOMICS • objective

A consumer is considering the purchase of a new smartphone. U\sing the concept of utility, explain why the consumer might choose to purchase the smartphone even though it is more expensive than the consumer's current phone.

Answer Options

Correct Answer A. The consumer can use the concept of utility to justify purcha\sing the smartphone as a means of increa\sing the consumer's overall satisfaction and happiness.
B. The consumer can use the concept of utility to justify purcha\sing the smartphone as a means of reducing the consumer's opportunity \cost and increa\sing the consumer's wealth.
C. The consumer can use the concept of utility to justify purcha\sing the smartphone as a means of improving the consumer's productivity and efficiency.
D. The consumer can use the concept of utility to justify purcha\sing the smartphone as a means of increa\sing the consumer's social status and prestige.
Correct Answer
A
Correct Option:
The consumer can use the concept of utility to justify purcha\sing the smartphone as a means of increa\sing the consumer's overall satisfaction and happiness.

About This Question

This is Post Utme Igbinedion University 2018 Economics Question 36. It is one of the objective questions from the 2018 Post Utme Igbinedion University Economics examination.

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