Information About Preferences Is Ordinal If

question 33

Multiple Choice

Information about preferences is ordinal if

• A) The information tells us something about the intensity of the consumer's preferences
• B) The information allows us to make comparisons between the preferences of different consumers
• C) The information allows us to determine only whether one alternative is better or worse than another
• D) The information allows us to make comparisons between the preferences of the same consumer at different points in time

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Definitions:

Neoclassical Economics

A branch of economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, emphasizing rational individuals and efficient market outcomes.

Behavioral Economics

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Neoclassical Economics

A mainstream approach to economics that focuses on the determination of goods, outputs, and income distributions in markets through supply and demand.

Behavioral Economics

A field of economics that analyzes the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions.