A Trip to Portland, Oregon, from Boston Will Take 7

question 69

Multiple Choice

A trip to Portland, Oregon, from Boston will take 7 3/4 hours. Assuming we are two-thirds of the way there, how much longer in hours will the trip take?

• A)7/12
• B)1 7/12
• C)2 7/12
• D)2 1/2
• E)None of these

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Definitions:

Cardinal Utility Functions

Utilize numerical values to represent the level of satisfaction or utility that consumers derive from different bundles of goods and services.

Ordinal Utility Functions

A representation of a consumer's preference ranking for different bundles of goods, without specifying the exact level of satisfaction.

Basic Assumptions

Foundational beliefs or principles that are accepted as true without proof, forming the basis of further argument or reasoning.

Indifference Curve

A graph showing different combinations of two goods that provide equal satisfaction and utility to a consumer.