Why is utility an important concept to traditional economists?
a. It explains why people occasionally make irrational decisions.
b. It explains why people allocate their budget the way they do.
c. It explains why demand erratically fluctuates as the market self-corrects.
d. It explains why the demand curve sometimes has a positive slope.
b. It explains why people allocate their budget the way they do.
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If a country's currency is "pegged" to the dollar, its exchange rate is
A) floating. B) flexible. C) undervalued. D) fixed.
An increase in the demand for a product will cause the
a. demand for and prices of the resources used to produce the product to increase. b. demand for and prices of the resources used to produce the product to decrease. c. demand for and prices of the resources used to produce the product to remain unchanged. d. price of the product to decrease.