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Business, 30.12.2021 02:20 alopez117

Use the following two statements to answer this question: I. If utility is ordinal, a market basket that provides 30 utils provides twicethe satisfaction of a market basket that provides 15 utils.
II. When economists first studied utility it was believed that utility wascardinal, but it was later discovered that ordinal preferences are sufficientto explain how most individual decisions are made

a. I is false, and II is true.
b. Both I and II are false.
c. I is true, and II is false.
d. Both I and II are true.

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