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:

Manufacturing Overhead Budget

A financial outline estimating the expected indirect production costs, such as utilities and rent for manufacturing facilities.

Overhead Costs

Indirect expenses related to the day-to-day running of a business, such as rent, utilities, and administrative costs.

Merchandise Purchases Budget

A financial plan that estimates the cost of goods a business needs to buy to meet its sales goals.

Production Budget

An estimate of the total cost of production (including materials, labor, and overhead) for a specific period.