In Economic Utility Analysis, Consumer Tastes and Preferences Are Assumed

question 295

Multiple Choice

In economic utility analysis, consumer tastes and preferences are assumed

• A) to be determined by income.
• B) to be influenced by the prices of goods.
• C) given and stable for an individual.
• D) given but rapidly changeable.

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Definitions:

Product Price

The amount of money required to purchase a specific product or service.

Production Capacity

The maximum output that a business can produce in a given period under normal conditions.

Consumers' Desire

The inclination or preference of consumers towards certain goods, services, or experiences.

Economic Function

The role or purpose that an entity or phenomenon serves within the broader economy, such as production, distribution, or consumption.