If a consumer maximizes a utility function subject to a budget constraint and has strictly convex preferences, then his behavior will necessarily satisfy the weak axiom of revealed preference and the strong axiom of revealed preference.
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Q8: The strong axiom of revealed preference requires
Q9: It follows from the weak axiom of
Q10: Rudolf Rational obeys the weak axiom of
Q11: An increase in the price of an
Q12: Let A stand for the bundle (7,
Q14: The strong axiom of revealed preference says
Q15: It is possible for a consumer to
Q16: At prices ($4, $12), Harry chooses the
Q17: The Laspeyres price index differs from the
Q18: The Laspeyres index of prices in period
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