The assumption that a rational consumer seeks to maximize his or her utility implies that utility is measurable according to some objective scale.

Name: The assumption that a rational consumer seeks to maximize his or her utility implies that utility is measurable according to some objective scale.
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Question

Quizplus · Accepted Answer

Utility is a subjective concept and cannot be measured on an objective scale; it varies from individual to individual based on their preferences and satisfaction levels.

The Assumption That a Rational Consumer Seeks to Maximize His