Question
In: Economics
Determine whether each of the following statements is true or false. You are also required to...
Determine whether each of the following statements is true or false. You are also required to explain why, the answer is true or false, in other words provide the justification for saying so.
a. According to the theory of consumer behavior, more is always better.
b. Consumer must understand how much one product is preferred over another in order to rank order consumption alternatives.
c. Marginal Utility measures the consumer’s overall level of satisfaction derived from consumption activities.
Solutions
Expert Solution
Answer)
a) According to the theory of consumer behavior, more is always better. The Statement is True. All consumers want to derive maximum utility from the goods and want as much units of goods as they can buy. So, this statement is complete and correct.
b) Consumer must understand how much one product is preferred over another in order to rank order consumption alternatives. This statement is True. The consumers rank each baskets of goods in order of their preferences and buy that basket of goods from which they derive maximum utility. So, this statement is correct.
c) Marginal Utility measures the consumer’s overall level of satisfaction derived from consumption activities. This statement is False. Marginal Utility is defined as the additional utility derived from consumption of an additional unit of a good. It is not the overall satisfaction from consumption activities. So, this statement is incorrect.
If you have any doubts please comment...
Rahul Sunny answered 8 months agoRelated Solutions
For each of the following statements, determine whether the statement is true or false. If you...
For each of the following statements, determine whether the
statement is true or false. If you say the statement is true,
explain why and if you say it is false, give an example to
illustrate.
(a) If {u, v} is a linearly independent set in a vector space V,
then the set {2u + 3v, u + v} is also a linear set independent of
V.
(b) Let A and B be two square matrices of the same format. Then...
True or false: For each of the statements, determine whether it is true or false, then...
True or false:
For each of the statements, determine whether it is true or
false, then explain in a few sentences why that is the answer.
Note: no marks will be given for answers that do not include an
explanation.
1. If money stops being a reliable store of value, then it
ceases to be useful as a medium of exchange.
2. The gold standard is an improvement over actual gold coinage
because it allows the government/central bank to control...
Determine whether each of the following statements is true or false. If the statement is false,...
Determine whether each of the following statements is true or
false. If the statement is false, modify and rewrite it so that it
is a true statement.
a. When a molecule has two, degenerate, “infrared active”,
vibrational modes, the two vibrational modes will show absorptions
at different frequencies in the infrared spectrum.
b. For a given substance, strong intermolecular forces between
molecules of the substance can cause peak broadening of some of the
absorptions in the infrared spectrum of the...
True or False questions. Determine whether or not each of the following statements is true. If...
True or False questions. Determine whether or not each of the
following statements is true. If a statement is true, prove it. If
the statement is false, provide a counterexample and explain how it
constitutes a counterexample. Diagrams can be useful in explaining
such things.
a) If the electric potential in a certain region of space is
constant, then the charge enclosed by any closed surface completely
contained within that region is zero.
b) A sphere of radius R is...
True or False questions. Determine whether or not each of the following statements is true. If...
True or False questions. Determine whether or not each of the
following statements is true. If a statement is true, prove it. If
the statement is false, provide a counterexample and explain how it
constitutes a counterexample. Diagrams can be useful in explaining
such things.
1. A sphere of radius R is centered at the origin. A total
charge Q is uniformly distributed throughout its interior. A ball
of radius R/2 centered at the the origin is carved out and...
PROBLEM #1:TRUE of FALSE For each of the following statements, determine whether it is true or...
PROBLEM #1:TRUE of FALSE
For each of the following statements, determine whether it is
true or false. Label “T” if it is true, otherwise label “F”.
1-a. If two distributions have the same moment-generating
function, then they are identical at almost all points. For a
random variable X, if its moments of order k (k > 0) exist, then
its moment generating function is continuously differentiable up to
order k.
1-b.
LetXbearandomvariablewiththeprobabilitydensityfunctionp(x)=ca/(a+x2)
where c, a are positive constants and a...
Determine whether each of the following statements is True or False. If True, write a proof....
Determine whether each of the following statements is
True or False. If True, write a proof. If False, exhibit a
counterexample.
1) If m, n are arbitrary positive integers, then any
system of form
x ≡ a (mod m)
x ≡ b (mod n)
has a solution.
2) If m, n are arbitrary positive integers and the
system
x ≡ a (mod m)
x ≡ b (mod n)
has a solution, then the
solution is unique modulo mn.
Modern Abstract...
Determine whether each of the following statements is True or False. If True, write a proof....
Determine whether each of the following statements is True or
False. If True, write a proof. If False, exhibit a
counterexample.
1) If m, n are arbitrary positive integers, then any system of
form
x ≡ a (mod m)
x ≡ b (mod n)
has a solution.
2) If m, n are arbitrary positive integers and the system
x ≡ a (mod m)
x ≡ b (mod n)
has a solution, then the solution is unique modulo mn. Modern
Abstract...
For each of the statements in Section A, determine whether it is true or false, then...
For each of the statements in Section A, determine whether it is
true or false, then explain in a few sentences why that is the
answer. Note: no marks will be given for answers that do not
include an explanation. 1. If money stops being a
reliable store of value, then it ceases to be useful as a medium of
exchange. 2. The gold standard is an improvement over
actual gold coinage because it allows the government/central bank
to control...
For each of the following statements, determine whether it is true or false and justify your...
For each of the following statements, determine whether it is
true or false and justify your answer. a. Every function f : [0, 1]
~ lR has a maximum. b. Every continuous function f :[a, b] ~ lR has
a minimum. c. Every continuous function f : (0, 1) ~ lR has a
maximum. d. Every continuous function f : (0, 1) ~ lR has a bounded
image. e. If the image of the continuous function f: (0, 1) ~...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
- In C++ Having call-by-reference allows one to use storeback parameters, i.e., parameters whose values are transmitted...
- You must evaluate a proposal to buy a new milling machine. The base price is $175,000,...
- “Triangle Guessing” game in Python The program accepts the lengths of three (3) sides of a...
- THIS PROGRAM HAS TO BE WRITTEN IN C Single function to perform the parity computation on...
- Consider a buffer system consisting of Benzoic acid (pKa = 4.20) and sodium benzoate, a) Would...
ADVERTISEMENT