Multiple Choice
According to revealed preference a consumer that chooses to smoke cigarettes:
A) derives more utility from smoking than the goods they could have purchased with that same money.
B) derives more happiness from smoking than the goods they could have purchased with that same money.
C) is minimizing their utility given the options available to them.
D) is behaving irrationally.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Courtney goes for an hour bike ride
Q4: The concept of marginal utility:<br>A) explains why
Q5: Bobby makes a New Year's resolution to
Q6: Betty is out on a first date
Q7: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1248/.jpg" alt=" Assume Bryce's budget
Q9: Linus has just watched two hours of
Q10: You decide to buy your friend lunch
Q11: Utility is:<br>A) useful in comparing the relative
Q12: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1248/.jpg" alt=" If the graph
Q131: Individuals will make choices to maximize their:<br>A)constraints.<br>B)utility.<br>C)income.<br>D)values.