External Analysis of Preferences Is Preferred in Most Situations

question 18

True/False

External analysis of preferences is preferred in most situations.

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Definitions:

Marginal Utility

The additional satisfaction or utility that a person receives from consuming one more unit of a good or service.

Total Utility

The overall satisfaction or value that a consumer derives from consuming a certain quantity of goods or services.

Units

In economics, a quantifiable measure used to express the quantity of goods or services.

Satisfaction

A measure of how goods and services supplied by a company meet or surpass customer expectation.