Harry tells you that he prefers Irn- bruTM to TangoTM, TangoTM to StrongbowTM and StrongbowTM
To Irn- bruTM. This violates what assumption made when analysing consumer preferences?
A) That consumers are able to choose among all the combinations of goods and services available
B) That there is a diminishing marginal rate of substitution
C) That consumers are rational
D) That more is better
Correct Answer:
Verified
Q1: Utility
A) can be used to compare different
Q3: Suppose you are eating hamburgers. The first
Q4: For Matthew, the marginal utility of the
Q5: If I gain 25 units of satisfaction
Q6: The law of diminishing marginal utility allows
Q7: If marginal utility has become negative, we
Q8: Which of the following defines consumer surplus?
A)
Q9: You would be willing to pay a
Q10: Assume your demand for a can of
Q11: Consumer surplus will be zero at any
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