The Fact That Most Consumers Are Unable to Describe Their

question 38

True/False

The fact that most consumers are unable to describe their preferences in terms of a utility function implies that not all consumer preferences can be represented with utility functions.

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Definitions:

Interest Income

Income earned from the lending of money or from depositing funds in interest-bearing accounts.

Banks

Financial institutions licensed to receive deposits and provide financial services, including loans, to individuals and businesses.

Economic Benefit

The gain received when money, goods, or services are obtained or when a financial burden is lifted.

Realized

In finance, realized usually pertains to the profit or loss that occurs when an investment is sold for a price different than its purchasing price.