What's the Difference Between a Preference Ordering and a Utility

question 17

Multiple Choice

What's the difference between a preference ordering and a utility function?

• A) They are the same.
• B) A utility function is a numerical scale that represents an individual's preference ordering.

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Definitions:

Branch Plant

A factory or office operated in a country by a foreign company, often perceived as a subordinate extension of its parent company.

Collateral Labour Markets

Secondary or peripheral segments of the labour market characterized by lower job security, lower wages, and less formal employment structures.

Unions

Are organizations of workers that seek to defend and promote their members’ interests.

Communism

A political and economic ideology advocating for a classless society in which all property is publicly owned and each person works and is paid according to their abilities and needs.