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:

Personality Development

The gradual growth and change of an individual's personality characteristics over the course of their life.

Culture

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Distinguishes or differentiates individuals from others based on certain traits, achievements, or characteristics.

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