Examlex
Which of the following statements is not true about fatty acids?
Utility Function
Describes how a consumer ranks different baskets of goods based on the level of satisfaction or utility derived from them.
Expected Utility
A concept in economics that represents a consumer's preference for certain outcomes, quantified as the weighted average of utility over all possible outcomes.
Probability
The quantification of how probable it is for an event to take place, indicated by a value ranging from 0 to 1.
Strictly Convex Preferences
Strictly convex preferences indicate a consumer's increasing marginal rate of substitution, reflecting a stronger preference for balanced bundles of goods over extremes.
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