The Assumption That Preferences Are Complete

question 50

Multiple Choice

The assumption that preferences are complete:

• A) means that a consumer will spend her entire income.
• B) is unnecessary, as long as transitivity is assumed.
• C) recognizes that there may be pairs of market baskets that cannot be compared.
• D) means that the consumer can compare any two market baskets of goods and determine that either one is preferred to the other or that she is indifferent between them.

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Definitions:

Grief

A deep emotional response to loss, often involving sadness, longing, and reminiscence about a deceased loved one or a significant life change.

Terminally Ill

A condition in which a patient is suffering from a disease that is incurable and expected to lead to death within a short period.

Therapeutic Response

The change or improvement in condition following treatment, indicating the effectiveness of a medical intervention.

Heart Failure

A chronic condition where the heart's ability to pump blood is inadequate to meet the body's needs, leading to symptoms like shortness of breath and fatigue.