Examlex
Which of the following should be considered while exploring the means of social work?
Weak Axiom
A concept in consumer theory that assumes if a consumer prefers a bundle A over bundle B when prices are unchanged, they will not prefer B over A if the price of A decreases and B remains the same or increases.
Revealed Preference
An economic theory that assumes consumers' preferences can be revealed by their purchasing habits.
Prices
The sum of money needed to buy a product, service, or property.
Violates WARP
Refers to an inconsistency in choice behavior that contradicts the Weak Axiom of Revealed Preference, indicating a possible preference reversal.
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