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From the following two statements, choose the correct answer:
Statement I: A person can have one utility curve for one situation and a quite different one for the next situation.
Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.
Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.
- a)Statements I and II are true.
- b)Statement I is false, but II is true.
- c)Statement I is true, but II is false.
- d)Statements I and II are false.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
From the following two statements, choose the correct answer:Statement...
Utility is a level of satisfaction one gets from using particular product. Utility from one product is differed from other product and thus utility curve too. 1st statement says that a person can have one utility curve for one situation and a quite different one for the next situation. So, it is a correct statement.
Linear utility curves shows bundles of goods in which consumers are indifference. Consumers get the same satisfaction from buying any of the products. So, if the business executive have linear utility curve then he can effectively use the expected monetary value as their decision criterion. So, this is also a correct statement.
And therefore Both the statements are true.
Linear utility curves shows bundles of goods in which consumers are indifference. Consumers get the same satisfaction from buying any of the products. So, if the business executive have linear utility curve then he can effectively use the expected monetary value as their decision criterion. So, this is also a correct statement.
And therefore Both the statements are true.
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From the following two statements, choose the correct answer:Statement...
Utility is a level of satisfaction one gets from using particular product. Utility from one product is differed from other product and thus utility curve too. 1st statement says that a person can have one utility curve for one situation and a quite different one for the next situation. So, it is a correct statement.
Linear utility curves shows bundles of goods in which consumers are indifference. Consumers get the same satisfaction from buying any of the products. So, if the business executive have linear utility curve then he can effectively use the expected monetary value as their decision criterion. So, this is also a correct statement.
And therefore Both the statements are true.
Linear utility curves shows bundles of goods in which consumers are indifference. Consumers get the same satisfaction from buying any of the products. So, if the business executive have linear utility curve then he can effectively use the expected monetary value as their decision criterion. So, this is also a correct statement.
And therefore Both the statements are true.
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From the following two statements, choose the correct answer:Statement I: A person can have one utility curve for one situation and a quite different one for the next situation.Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.a)Statements I and II are true.b)Statement I is false, but II is true.c)Statement I is true, but II is false.d)Statements I and II are false.Correct answer is option 'A'. Can you explain this answer?
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From the following two statements, choose the correct answer:Statement I: A person can have one utility curve for one situation and a quite different one for the next situation.Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.a)Statements I and II are true.b)Statement I is false, but II is true.c)Statement I is true, but II is false.d)Statements I and II are false.Correct answer is option 'A'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about From the following two statements, choose the correct answer:Statement I: A person can have one utility curve for one situation and a quite different one for the next situation.Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.a)Statements I and II are true.b)Statement I is false, but II is true.c)Statement I is true, but II is false.d)Statements I and II are false.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following two statements, choose the correct answer:Statement I: A person can have one utility curve for one situation and a quite different one for the next situation.Statement II: Business executive with a linear utility curve can effectively use the expected monetary value as their decision criterion.a)Statements I and II are true.b)Statement I is false, but II is true.c)Statement I is true, but II is false.d)Statements I and II are false.Correct answer is option 'A'. Can you explain this answer?.
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