Figure 27-2

question 66

Multiple Choice

Figure 27-2.The figure shows a utility function for Britney.
-Refer to Figure 27-2.From the appearance of the utility function,we know that

• A)Britney is risk averse.
• B)Britney gains more satisfaction when her wealth increases by X dollars than she loses in satisfaction when her wealth decreases by X dollars.
• C)the property of increasing marginal utility applies to Britney.
• D)All of the above are correct.

---

Definitions:

Quota

A government-imposed trade restriction that limits the number, or sometimes the value, of goods and services that can be imported or exported during a particular time period.

Beef Import

The act of bringing beef into a country from abroad for sale.

Less Than Fair Value

A term typically used in the context of international trade, indicating that goods are being sold at a price less than their market value or cost of production, often leading to unfair competition.

Fair Value

An estimation of an asset's worth based on current market conditions or the amount for which an asset could be exchanged.