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When we model consumer decisions as discrete choices where consumers make rational, utility maximizing choices subject to their budget constraint, we can assume the following:Which

When we model consumer decisions as discrete choices where consumers make rational, utility maximizing choices subject to their budget constraint, we can assume the following:Which of all of these are true ?

The consumer makes their decisions based on relative utility of the available options

The consumer's choice will reveal the option that maximizes utility

We must estimate the utility of each consumption option

A consumer does not face opportunity costs because they only have a discrete choice between limited options

Prices will limit the utility that can be achieved by a consumer

Consumer preferences and tastes will not affect utility since utility is a absolute measure

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