An Assumption on Consumer Preferences That Implies That, If Any

question 8

Multiple Choice

An assumption on consumer preferences that implies that, if any two bundles in the consumption possibility set are chosen, then agents will be able to rank them is called

• A) complete binary ordering
• B) incomplete binary ordering
• C) ordinal utility

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Definitions:

Promotion-to-Expenses Ratio

A metric analyzing the relationship between the amount spent on promotional activities and the overall expenditure of a business.

Hierarchy of Effects

A theory in advertising describing a sequence of stages a consumer goes through from initial awareness of a product to a purchase action.

Adoption Stage

A phase within the product lifecycle where consumers start using or integrating a new product or technology.

Evaluation

The act of evaluating or judging the significance, worth, or quality of an item.