Economists use a preference map to illustrate that
A) more is better than less.
B) preferences are transitive.
C) preferences are complete.
D) All of the above.

Question

Quizplus · Accepted Answer

Preference maps are used to illustrate all three concepts: more is better than less (A), preferences are transitive (B), and preferences are complete (C). Transitivity means that if A is preferred to B and B is preferred to C, then A must also be preferred to C. Completeness means that a decision-maker has a well-defined preference between any two possible choices. Therefore, all three answers are correct and the best choice is D.

Economists Use a Preference Map to Illustrate That