Statement I: It would be meaningless to say that a certain good is worth $25.
Statement II: A person's utility schedule can change over time.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.

Question

Quizplus · Accepted Answer

Statement I is true because the worth of a good is subjective and can vary based on individual preferences and market conditions. Statement II is true because a person's utility schedule can change due to changes in preferences, income, or other factors.

Statement I: It Would Be Meaningless to Say That a Certain