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Which of the Following Is Correct About a Consumer's Optimization

question 1

Essay

Which of the following is correct about a consumer's optimization problem:
a.
In order for a consumer to not be optimizing at a corner solution,it is necessary for us to assume that all goods are essential.
b.
In order for a consumer to not be optimizing at a corner solution,it is sufficient for us to assume that all goods are essential.
c.
In order for a consumer to not be optimizing at a corner solution,it is necessary and sufficient for us to assume that all goods are essential.
d.
None of the above.

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Definitions:

Factor A

Typically used in experimental design, referring to a controlled variable that is manipulated to observe its effect on an outcome.

Levels

Distinct values that a categorical variable can have. In experimental design, it also refers to the treatments or conditions to which subjects are assigned.

Independent Variable

A factor or condition that is manipulated by the researcher to observe its effect on the dependent variable in an experiment.

Combinations

The selection of items from a larger set such that the order of selection does not matter.

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