The decision making process followed by consumers to maximize utility assumes that

Question

Business

Phillip Barker

24 May, 05:22

The decision making process followed by consumers to maximize utility assumes that

+5

Answers (1)

Know the Answer?

Koch · Answer 1

The decision-making process followed by consumers to maximize utility assumes that the consumer has a limited income, the consumer is able to rank their preferences, the consumer behaves rationally.

The term utility used by the economist as a measure of satisfaction, happiness, a joy of a person.