Which of the Following Is Required for the Existence of a Utility

question 68

Multiple Choice

Which of the following is required for the existence of a utility function?

• A)transitivity
• B)relativity
• C)universality
• D)satiation

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Definitions:

Diffusion of Innovation

The process by which a new idea, product, or behavior spreads through a population, influencing the adoption rate and market saturation.

Early Adopters

A group within a consumer base that is among the first to acquire and use a new product or technology, often influencing others.

Diffusion of Innovation

The process by which a new idea, product, or practice spreads within a society or from one society to another, often influenced by factors like social networks and communication.

Product Adopters

Individuals or entities that purchase or use new products soon after they are launched, often categorized into groups based on adoption timing.