If Everyone's Utility Function Includes Only Conspicuous Consumption Goods

question 49

Multiple Choice

If everyone's utility function includes only conspicuous consumption goods:

• A) the market will lead to the highest social welfare.
• B) the market will lead to higher social welfare than it otherwise would.
• C) we can say nothing about market and social welfare.
• D) the market will lead to lower social welfare than it otherwise would.

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Definitions:

Dominant Phenotype

Refers to the trait that appears in an individual's phenotype when at least one dominant allele for a particular gene is present.

Recessive Phenotype

An observed trait or characteristic of an organism that results from having two recessive alleles for a particular gene.

Heterozygous

Genetically describes an organism that has two different alleles of a gene, one inherited from each parent.

Unattached Earlobes

A genetic trait where the earlobes hang free and are not connected to the side of the head.