Individuals Can Rank Order All Possible Bundles

question 65

Multiple Choice

Individuals can rank order all possible bundles.Rank ordering implies that the utility theory assumes that, no matter how many combinations of consumption bundles are placed in front of the individual, each individual can always rank them in some order based on preferences.Identify this assumption on preference.

• A)Monotonicity
• B)More-is-better
• C)Completeness
• D)Mix-is-better
• E)Rationality

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Definitions:

Conj

A shortened form for "conjunction," representing words that function to connect words, phrases, clauses, or sentences.

MP

Often stands for "Member of Parliament", an individual elected to serve in the legislative body of a country. Alternatively, in logical reasoning, it stands for "Modus Ponens", a form of argument where from premises in the form "If P then Q" and "P", one infers "Q".

Inference Forms

Structures of reasoning or argumentation where certain premises logically lead to a conclusion.

Client Data Review

A QuickBooks tool that accountants use to review, correct, and reconcile discrepancies in their clients' financial data.