Question: 9. Simone has a concave utility of wealth function, u(x). She is contemplating two prospects, Y and Z. EV(Z) > EV(Y). Which of the following

9. Simone has a concave utility of wealth function, u(x). She

9. Simone has a concave utility of wealth function, u(x). She is contemplating two prospects, Y and Z. EV(Z) > EV(Y). Which of the following statements is true? a. Simone will necessarily prefer Z to Y. b. Simone's ranking of Y and Z cannot be determined without knowing the distribution of the outcomes that result in EV(Y) and EV(Z). c. Simone will necessarily prefer Y to Z. d. Because EV(Z) > EV(Y), EU(Z) > EU(Y), but that is not sufficient information to determine her preference ranking

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