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Satsume Satsume
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6 years ago
Use the following two statements to answer this question:
I.   If utility is ordinal, a market basket that provides 30 utils provides twice the satisfaction of a market basket that provides 15 utils.
II.   When economists first studied utility it was believed that utility was cardinal, but it was later discovered that ordinal preferences are sufficient to explain how most individual decisions are made.
A) Both I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) Both I and II are false.
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Microeconomics

Microeconomics


Edition: 8th
Author:
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Bart_argBart_arg
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