A Utility Function Describing by How Much One Market Basket

question 44

Multiple Choice

A utility function describing by how much one market basket is preferred to another is called:

• A) a cardinal utility function.
• B) an ordinal utility function.
• C) either an ordinal or a cardinal function. Both types of functions use this ranking.
• D) neither an ordinal nor a cardinal function. Neither type uses this ranking.

---

Definitions:

Projection

The assignment of personal attributes to other individuals.

Beliefs

Convictions or acceptance that certain things are true or real, often without direct evidence or proof.

Values

The principles or standards of behavior that are regarded as important and desirable in life by an individual or society.

Conscientiousness

A personality trait characterized by diligence, carefulness, and a desire to do a task well.