The Below Table Shows the Average Utility (In Utils) Obtained

question 40

Multiple Choice

The below table shows the average utility (in utils) obtained from the consumption of goods A and B.Table 7.3

-It is often observed that, over the same period of time and for the same good, marginal utility declines rapidly for some consumers and very little for others. This observation illustrates:

• A)that economic theory is of little value in explaining consumer behavior.
• B)that consumers are not identical.
• C)tastes and preferences should not be included in any discussion of consumer choice.
• D)tastes and preferences among consumers are quite similar.
• E)that if consumers weren't identical, economic theory would not be able to provide insight into consumer behavior.

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Definitions:

Moral Principles

Fundamental beliefs or rules about what is right and wrong that guide behavior and decision-making.

Ethical Virtues

Moral qualities or traits that are deemed to be good or desirable in a person, such as honesty, compassion, and courage, guiding ethical behavior.

Character Traits

Qualities or characteristics that are inherent in one's personality, which can include both positive and negative attributes.