5) Which of the following statements is not true about utility? We can compare utility across consumers. • Utility depends on individual's tastes and preference. Higher utility is always preferred by a consumer. ○ Utility can only be used to rank alternative combinations of goods and services.
5) Which of the following statements is not true about utility? We can compare utility across consumers. • Utility depends on individual's tastes and preference. Higher utility is always preferred by a consumer. ○ Utility can only be used to rank alternative combinations of goods and services.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 6QP
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