A Utility Function

question 12

Multiple Choice

A utility function

• A) needs to measure the absolute level of happiness.
• B) needs to measure relative amounts of happiness for a single individual.
• C) helps compare the relative happiness of two separate consumers.
• D) is most useful if it can be influenced by others.

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Definitions:

Railway Labor Act

A U.S. federal law enacted in 1926 that governs labor relations in the railroad and airline industries, aiming to prevent service disruptions and facilitate dispute resolution between employers and employees.

National Labor Legislation

laws enacted by a government to regulate labor relations, worker rights, and union activities within a country.

Public Sector Unions

Labor unions that represent employees in the public sector, including workers for governmental agencies and services.

Public Interest

Refers to the common well-being or general welfare of the community, considered in policy-making and legal matters.