If Someone Has a Utility Function U = 2min{x, Y}

question 23

True/False

If someone has a utility function U = 2min{x, y}, then x and y are perfect complements for that person.

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Definitions:

Overconfidence

A cognitive bias that causes a person to believe that they are more capable or knowledgeable than they actually are.

Primacy Effect

The tendency to remember information at the beginning of a list better than information in the middle or at the end.

Distinctiveness

The quality of being unique or different in comparison to others, often making a person or object stand out.

Consistency

The quality of always behaving or performing in a similar manner, leading to predictability in actions or beliefs.