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Explain Why Economists Generally Assume That Agents Have Cardinal Utility

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Explain why economists generally assume that agents have cardinal utility functions.


Definitions:

Market Conflict

Disputes or competition among businesses in the same market, often involving pricing, product offerings, and market share strategies.

Utilitarian Ethical Beliefs

are ethical principles that evaluate the morality of actions based on their outcomes or consequences, aiming for the greatest good for the greatest number of people.

Final Authority

The ultimate power or jurisdiction to make decisions, often within an organization or governmental body.

Labor Federation

An organization or coalition of trade unions or labor unions that represent workers' interests at a regional, national, or international level.

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