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If Someone's Utility Function Exhibits Diminishing Marginal Utility of Wealth

question 16

True/False

If someone's utility function exhibits diminishing marginal utility of wealth, this person is risk averse.


Definitions:

Organ Sales

The practice of selling organs for transplant, often controversial due to ethical, legal, and moral issues.

Bodily Autonomy

Bodily autonomy is the right of individuals to make decisions about their own bodies without coercion or interference from others, including decisions about medical treatment and reproduction.

Limited Amount

A specific quantity that is not plentiful but confined to a fixed measure or number.

Vaccine

A biological preparation that provides active acquired immunity to a particular infectious disease.

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