Which of the following statements are true? Instruction: you may choose more than one option. O. The Law of Demand is explained by the Slutsky-Hicks equation O. All statements are false. O. For well behaved preferences the income effect is positive. O. For well behaved preferences the substitution effect is non positive. O. if the demand foro good increases when income  then the demand for that good must decrease when its price increases. O. A Giffen good cannot be explained by the Slutsky-Hicks equation.

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.