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

question 56

Multiple Choice

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

• A) they be convex and that more is always preferred to less.
• B) more is always preferred to less and that each consumer has one strictly favorite good.
• C) each consumer has one strictly preferred good and that consumption and leisure are both normal goods.
• D) that consumption and leisure are both normal goods and that the consumer likes diversity in his or her consumption bundle.
• E) more is always preferred to less and that consumers do not like diversity in his or her consumption bundle.

---

Definitions:

Uninstall

The process of removing software or applications from a computer system.

Upgrade

The process of replacing a product or software with a newer or better version to improve its functionality or performance.

Pop-up Window

A small window that appears on top of the content of a website or application, often used for advertisements, alerts, or additional information.

SDLC

Software Development Life Cycle, a process used by the software industry to design, develop, and test high-quality software.