If Paula's preferences are complete and transitive, then all of the following must be true EXCEPT
A) Paula's preferences can be expressed with a utility function.
B) Paula is rational.
C) Paula's preferences satisfy WARP.
D) Paula's preferences do not cycle.

Question

Quizplus · Accepted Answer

WARP (Weak Axiom of Revealed Preference) is a specific condition related to how choices are made in the presence of varying options and prices, and it is not necessarily implied by completeness and transitivity of preferences alone. Completeness and transitivity are conditions that allow for the expression of preferences through a utility function and imply rationality and non-cyclical preferences, but they do not guarantee adherence to WARP.

If Paula's Preferences Are Complete and Transitive, Then All of the Following