Individuals can rank order all possible bundles.Rank ordering implies that the utility theory assumes that, no matter how many combinations of consumption bundles are placed in front of the individual, each individual can always rank them in some order based on preferences.Identify this assumption on preference.
A)Monotonicity
B)More-is-better
C)Completeness
D)Mix-is-better
E)Rationality

Question

Quizplus · Accepted Answer

Completeness is the assumption that individuals can compare and rank all possible bundles of goods, indicating a preference for one over another or indifference between them.

Individuals Can Rank Order All Possible Bundles