Utility measurements are:
A) a relative ranking of how much different people enjoy a particular good.
B) used to compare one person's preference for a good to another person's preference.
C) a relative ranking of the satisfaction a person gets from alternative combinations of things.
D) None of these are true.
Correct Answer:
Verified
Q2: Revealed preference is:
A)the idea that people's preferences
Q3: Billy is deciding whether to stay home
Q4: Utility is useful when:
A)comparing the relative satisfaction
Q5: What is a bundle in terms of
Q6: Mariana has an hour of free time
Q7: Corey has a blue sweater and a
Q8: Utility is:
A)a way of describing a consumer's
Q9: A utility function is an equation for
Q10: What is a baseline assumption that economists
Q11: Utility is:
A)maximized by rational individuals.
B)revealed by observing
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