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    Question

    What does a utility function represent in

    economics?
    A The relationship between goods consumed and consumer utility. Correct Answer Incorrect Answer
    B The relationship between income and consumer utility. Correct Answer Incorrect Answer
    C The relationship between prices and consumer utility. Correct Answer Incorrect Answer
    D The maximum utility based on prices and income. Correct Answer Incorrect Answer

    Solution

    A utility function defines the relationship between the quantity of goods consumed and the level of satisfaction or utility derived by a consumer.

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