The Assumption That Preferences Are Complete Requires the Consumer

question 4

Multiple Choice

The assumption that preferences are complete requires the consumer:

• A)to rank any two baskets.
• B)to say that basket C is preferred to basket A if basket B is preferred to basket A and basket C is preferred to basket B.
• C)to rank a basket with more units of all goods higher than a basket with fewer units of all goods.
• D)to have a diminishing marginal rate of substitution.

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Definitions:

Human Relations Movement

An approach to management and organizational behavior emphasizing the importance of social relations and employee well-being.

Unionization

The process of organizing the employees of a company into a labor union to seek collective bargaining rights and protect their interests.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization, focusing on converting materials and labor into goods and services as effectively as possible.

Material and Human Resources

The tangible resources (like equipment and raw materials) and the workforce needed to carry out organizational operations.