Which of the following is not required for the existence of a utility function?
A)completeness
B)universality
C)continuity
D)nonsatiation

Question

Quizplus · Accepted Answer

Universality is not required for the existence of a utility function. Completeness guarantees that any two alternatives can be compared and ranked, continuity guarantees that small changes in consumption lead to small changes in utility, and nonsatiation guarantees that more of a good is always preferred to less. However, universality (sometimes referred to as the independence axiom) imposes a particular structure on the utility function and is not necessary for its existence.

Which of the Following Is Not Required for the Existence