Utility is useful when:
A) comparing the relative satisfaction different consumers receive from a particular good.
B) predicting whether a good or service will sell more if the price is lowered.
C) quantitatively describing a person's preferences for one good over another.
D) describing exactly how much an individual values one particular good.
Correct Answer:
Verified
Q1: Utility measurements are:
A)a relative ranking of how
Q2: Revealed preference is:
A)the idea that people's preferences
Q3: Billy is deciding whether to stay home
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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