Which of the following axioms states that the best outcome in a feasible set of outcomes will also be the best outcome in any smaller subset of feasible outcomes that still contains that outcome?
A) the reducibility axiom
B) the betweenness axiom
C) the independence of irrelevant alternatives axiom
D) the substitutability axiom

Question

Quizplus · Accepted Answer

The axiom described in the question is the independence of irrelevant alternatives axiom, which states that the choice between two options should not be affected by the presence of a third, irrelevant option. It ensures that the best option remains the best option regardless of the other alternatives available.

Which of the Following Axioms States That the Best Outcome