In the Economic Theory of Consumer Behavior, a Basic Underlying

question 10

True/False

In the economic theory of consumer behavior, a basic underlying assumption is that of non-satiation the consumer would always like to have more).Under this assumption, the ideal object would be represented by an ideal vector or direction rather than an ideal point in the space.

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Definitions:

Bound

Being legally or morally obligated to do something or restricted by some form of constraint.

Ratify

To formally approve or confirm an agreement or treaty, making it officially valid.

Principal

The original amount of money invested or loaned, not including profits or interest.

Agent's Unauthorized Contract

A contract or agreement made by an agent without the proper authority or permission from the principal, often raising questions of enforceability and liability.