Which of the followingbestdescribes the economic concept of utility?
a. Utility is the total number of units a consumer buys.
b. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility.
c. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service.
d. None of the above are correct.
c
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Comment on the following statement: "If one player in the game does not have a dominant strategy, it is impossible to predict the outcome of the game."
What will be an ideal response?
Which of the following is false? a. If a choice is rational for an individual, people would all agree that it was wise
b. Rational choices can be wrong. c. When circumstances or expectations change, what is rational for an individual could change. d. None of the above are false; all are true.