We Assume That the Representative Consumer's Preferences Exhibit the Properties

question 66

Multiple Choice

We assume that the representative consumer's preferences exhibit the properties that

• A)they evolve over time and that more is always preferred to less.
• B)more is preferred to less and that the consumer prefers diversity.
• C)less consumption is preferred to more leisure and that consumption and leisure are both normal goods.
• D)more is sometimes preferred to less and that consumption and leisure are both normal goods.
• E)the consumer likes diversity and that more is sometimes preferred to less.

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Definitions:

Individuals

Single organisms of a particular species, considered separately from their population or community.

Species

A group of organisms sharing common characteristics and genetic makeup, capable of interbreeding and producing fertile offspring under natural conditions.

Basic Unit

The fundamental component or element from which a system is built or organized.

Life

The condition that distinguishes organisms from inorganic objects and dead entities, characterized by growth, reproduction, and the need for food and energy.