Which of the following are true about utility functions? options: A) In economics courses we learn to use our utility functions to help us make rational decisions. B) Economists use utility functions to transfer goods from people who have less marginal utility to those who have greater marginal utility from the good. C) Only rational people have utility functions. D) They are a mathematical object that can represent preferences.
Which of the following are true about utility functions? options: A) In economics courses we learn to use our utility functions to help us make rational decisions. B) Economists use utility functions to transfer goods from people who have less marginal utility to those who have greater marginal utility from the good. C) Only rational people have utility functions. D) They are a mathematical object that can represent preferences.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 5QP
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Which of the following are true about utility functions?
options: A) In economics courses we learn to use our utility functions to help us make rational decisions.
B) Economists use utility functions to transfer goods from people who have less
C) Only rational people have utility functions.
D) They are a mathematical object that can represent preferences.
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