Diminishing Marginal Utility of Wealth Implies That the Utility Function

question 84

Multiple Choice

Diminishing marginal utility of wealth implies that the utility function

• A)has increasing slope and a person is risk averse.
• B)has increasing slope and a person is not risk averse.
• C)has decreasing slope and a person is risk averse
• D)has decreasing slope and a person is not risk averse.

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Definitions:

Sequential Search

A simple search algorithm that checks each element in a list one by one until the desired element is found or the list ends.

Key Comparisons

Operations in sorting and searching algorithms that involve comparing values to determine order or presence.

Average Number

The result obtained by adding several quantities together and then dividing this total by the number of quantities.

Minimum Number

The smallest value in a set of numbers.