The Utility Function U(x₁,x₂)= Min(x₁,x₂)is an Apt Description of Preferences

question 61

Multiple Choice

The utility function U(x₁,x₂) = min(x₁,x₂) is an apt description of preferences when:

• A)x₁ is money and x₂ is cocaine.
• B)x₁ is $5 bills and x₂ is $5 bills.
• C)x₁ is a Coke and x₂ is a Pepsi.
• D)x₁ is a left hand glove and x₂ is a right hand glove.

Analyze the impact of supply and demand shifts on market equilibrium.

Recognize the concept of equilibrium price and quantity in the market.

Understand the outcomes of market disequilibrium.

Appreciate the role and impact of price ceilings and price floors.

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Definitions:

Diminished Decision-Making

A reduced ability to make informed, thoughtful decisions, often due to factors like cognitive impairment or lack of information.

Beneficence

The principle of doing good and ensuring the well-being of others, especially in ethical frameworks and medical practices.

Minimal Risks

Refers to the probability and magnitude of harm or discomfort anticipated in research not being greater than those ordinarily encountered in daily life or during routine physical or psychological examinations.

Justice

The principle of fairness where individuals are treated ethically and without bias, accorded their due rights and punishment.