Billy is deciding whether to stay home and watch TV or go out with friends. If Billy decides to stay home, we can conclude that he:
A) is a homebody who rarely goes out.
B) will receive more utility from watching TV than going out with friends.
C) wants to stay home this time, but will likely choose to go out with friends the next time.
D) has revealed a preference to always be alone.
Correct Answer:
Verified
Q1: Utility measurements are:
A)a relative ranking of how
Q2: Revealed preference is:
A)the idea that people's preferences
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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