Utility Is the Set of Numerical Values That

question 54

Multiple Choice

Utility is the set of numerical values that

• A) yields an absolute level of pleasure from a bundle of goods.
• B) reflects the relative ranking of various bundles of goods.
• C) describes how much more a consumer prefers one bundle to another.
• D) yields a cardinal ranking of bundles.

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Definitions:

Accuracy

The degree to which a measurement, estimation, or representation matches or faithfully reflects the actual value or reality.

Everyday Situations

Scenarios or conditions that occur regularly in daily life, involving typical tasks, interactions, or challenges faced by individuals.

Examples

Specific instances or cases used to illustrate a concept, principle, or method.

Vary

To differ in size, amount, degree, or nature from something else of the same general class.