A Situation Where a Consumer Says He Does Not Know

question 68

Multiple Choice

A situation where a consumer says he does not know his preference ordering for bundles X and Y would violate the property of:

• A) more is better.
• B) completeness.
• C) substitutability.
• D) complementarity.

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Definitions:

Production Costs

The expenses involved in manufacturing a product, including raw materials, labor, and overhead.

Tariff

A tax imposed by a government on imported or exported goods to protect domestic industries or to generate revenue.

Producer Surplus

The disparity between the amount producers are prepared to take for a product or service and the amount they actually get.

Tariff Revenue

The income generated for a government from taxing imported goods.