What Is the Name of the Axiom That Modifies SARP

question 32

Multiple Choice

What is the name of the axiom that modifies SARP to allow for the possibility that the person making choices may have convex indifference curves, but not strictly convex ones?

• A) Weak Axiom of Revealed Preference (WARP)
• B) Strong Axiom of Revealed Preference (SARP)
• C) Generalized Axiom of Revealed Preference (GARP)

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Definitions:

Natural Reward Strategies

Types of compensation designed to make aspects of a task or activity more enjoyable by building in certain features or by reshaping perceptions to focus on the most positive aspects of the task and the value it holds.

Enjoyable

Providing pleasure or delight; capable of making one happy or satisfied.

Task

A piece of work to be done or undertaken, typically a specific responsibility or duty.

Self-correcting Feedback

Information or critiques that allow an individual or system to recognize and amend errors or weaknesses autonomously.