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Author Question: The fact that most consumers are unable to describe their preferences in terms of a utility function ... (Read 87 times)

humphriesbr@me.com

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on: Jul 1, 2018
The fact that most consumers are unable to describe their preferences in terms of a utility function implies that not all consumer preferences can be represented with utility functions.
 
  Indicate whether the statement is true or false

Question 2

A monopoly that is maximizing profits operates in the ________ portion of the demand curve.
 
  A) unitary elastic
  B) elastic
  C) inelastic
  D) horizontal


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kilada

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Reply #1 on: Jul 1, 2018
Answer to Question 1

False. Utility functions are used to represent the order of rankings an individual has, but this does not imply that consumers are aware of such a function when making their choices.

Answer to Question 2

B


humphriesbr@me.com

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

isabelt_18

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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