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.

---

Definitions:

Altered Information Tactic

A negotiation strategy involving the deliberate modification or distortion of information to influence the perceptions or decisions of the other party.

Detect Deception

The ability or methods used to identify instances of deceit or falsehoods in communication or behavior.

Indication

A sign or piece of information that suggests something may be true or is likely to happen, often used in decision-making to guide choices or anticipate outcomes.

Machiavellianism

A personality trait characterized by a manipulative approach, lack of morality, and a focus on self-interest and deception.