An assumption on consumer preferences that implies that, if any two bundles in the consumption possibility set are chosen, then agents will be able to rank them is called
A) complete binary ordering
B) incomplete binary ordering
C) ordinal utility

Question

Quizplus · Accepted Answer

Complete binary ordering, or completeness, is an assumption in consumer theory that states consumers can compare and rank any two bundles of goods, indicating a preference for one over the other or indifference between the two.

An Assumption on Consumer Preferences That Implies That, If Any