The fact that most consumers are unable to describe their ...

[humphriesbr@me.com]

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

[kilada]

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]

Thanks for the timely response, appreciate it

[nanny]

Wow, this really help