The assumption of complete binary ordering does not apply to
A) comparing a bag of two pounds of apples and one pound of raspberries to a bag of one pound of apples and three pounds of raspberries
B) asking if your economics or your marketing professor is your favorite
C) choosing between two slices of pizza plus one energy drink and three slices of pizza and two energy drinks
Correct Answer:
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Q1: A pychological assumption about consumer preferences that
Q2: Rationality is the assumption that economic agents
Q3: An assumption on consumer preferences that states
Q4: Which of the following institutions exists in
Q5: A utility function is a representation of
Q7: Transitivity is an assumption on consumer preferences
Q8: The property of consumption sets that implies
Q9: The assumption on consumption sets that states
Q10: A consumption possibility set is the set
Q11: An additive utility function has the property
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