Unformatted text preview: A movie with a ranking of 5 is better than a movie with a ranking of 1, but is not as good a movie with a ranking of 10. That's all it really tells you." Based on Mr. Franklin's description, his scale is A) neither cardinal nor ordinal. B) ordinal but not cardinal. C) an objective standard to judge movies. D) cardinal but not ordinal. 3. The slope of an indifference curve reveals: A) the ratio of market prices. B) that preferences are complete. C) that preferences are transitive. D) the marginal rate of substitution of one good for another good. E) none of the above. 4. Which of the following is a monotonic transformation of the utility function U=X+Y? A) lnX+lnY B) 5X+4Y C) 10X+10Y D) X+Y 2 E) X*Y...
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- Fall '08
- Utility, Mr. Franklin, Gary Franklin