By the Completeness Property,if Neither a ≻ B nor B

question 165

Multiple Choice

By the completeness property,if neither A ≻ B nor B ≻ A hold,then:

• A)the consumer is indifferent between A and B.
• B)the consumer prefers bundle A.
• C)the consumer prefers bundle B.
• D)None of the preceding statements is correct.

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Definitions:

Government Regulation

Rules and guidelines established by the government aimed at influencing or controlling certain activities within the society or economy.

Total Surplus

The total net gain to society from a market transaction, which is the combination of consumer surplus and producer surplus.

Consumer Surplus

The gap between the aggregate amount buyers are willing and able to spend for a good or service, versus what they actually spend.

Property Rights

The legally guaranteed rights to own, use, and dispose of assets, including physical and intellectual property.