Consider the Following List of Statements

question 81

Essay

Consider the following list of statements. Each statement in the list means the same thing as one of the other statements. Identify the pairs of statements which are equivalent:
a)consumers always prefer to have more of a good;
b)consumers' preferences are complete;
c)consumers' preferences are transitive;
d)every market basket has an indifference curve associated with it;
e)indifference curves are bowed in to the origin;
f)indifference curves are downward sloping;
g)indifference curves do not cross;
h)a diminishing MRS is a characteristic of consumer preferences.

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Definitions:

Talk Test

A method used to gauge exercise intensity by measuring the ease with which one can speak during physical activity.

Moderate-Intensity Exercise

Physical activity that is somewhat hard and increases the heart rate and breathing, such as brisk walking or cycling.

Oxygen Consumption

The use of oxygen by the body during physical activity or metabolism, often used as a measure of physical fitness or the effectiveness of aerobic exercise.

Peak Exercise

The highest level of intensity and effort an individual can sustain during physical activity without significant fatigue or exhaustion.