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:

Personal Selling

A direct marketing approach where salespeople personally communicate with potential buyers to promote and sell products or services.

Salesperson

An individual who sells goods and services to other entities, usually in exchange for money.

Credit And Debit Cards

are financial tools used for electronic transactions; credit cards allow borrowing against a line of credit, while debit cards withdraw funds directly from a bank account.

Carrying More Cash

The practice of holding a greater amount of liquid assets or physical currency on hand than usual, often for transactional purposes or as a precaution.