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

question 60

Multiple Choice

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

• A) they are convex and that more is always preferred to less.
• B) more is always preferred to less and that each consumer has one strictly favorite period of time for consumption.
• C) each consumer has one strictly favorite period of time for consumption and that current and future consumption are both normal goods.
• D) current and future consumption are both normal goods and that the consumer likes diversity in his or her consumption bundle.

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Definitions:

Stress Reactions

The physical, mental, or emotional responses that occur in the body as a result of exposure to stressors.

Personality Characteristic

A trait or quality that contributes to the individual and unique patterns of thoughts, feelings, and behaviors that make up a person's character.

Physical Health

The condition of a person's body, including its systems, functions, and absence of diseases or impairments.

Conscientiousness

A personality trait characterized by organization, responsibility, and thoroughness, reflecting a tendency to be reliable and disciplined.