The slope of a utility function is:
A) positive and increasing.
B) positive and diminishing.
C) negative and increasing.
D) negative and diminishing.
Correct Answer:
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Q12: In a fair bet, the:
A)outcome is known
Q13: A person who dislikes uncertainty is known
Q14: A person's utility level is his or
Q15: Which of the following statements about the
Q16: The marginal utility of an extra dollar
Q18: The utility function for wealth indicates that:
A)there
Q19: What principle explains why the utility function
Q20: Your marginal utility would be highest at
Q21: Diminishing marginal utility makes people:
A)wealthy.
B)risk averse.
C)less prosperous.
D)risk
Q22: How does a gain of $1,000 versus
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