If Utility Is Measured in a Way That Not Only

question 5

Multiple Choice

If utility is measured in a way that not only the utility numbers assigned to bundles are meaningful, but also their differences, then we say that we are using

• A) cardinal utility
• B) ordinal utility
• C) expected utility

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Definitions:

Civic Authorities

Government or municipal bodies responsible for managing local affairs, services, and regulations within a community or city.

Long-run Supply Function

A relationship showing the quantity of goods that will be supplied over a longer period when all inputs can be varied.

Rental Apartments

Housing units that are available for rent, typically within a larger building or complex, offering living accommodation to tenants.

Equilibrium Price

The price at which the quantity of a good or service supplied equals the quantity demanded, resulting in market balance.