If a Consumer Is Unable to Compare Two Baskets, Then

question 66

Multiple Choice

If a consumer is unable to compare two baskets, then this consumer's preferences violate which of the following key assumptions?

• A)Completeness.
• B)Transitivity.
• C)More is better.
• D)Both completeness and transitivity.

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Definitions:

Monopoly

A market structure characterized by a single seller, offering a unique product or service without close substitutes, leading to control over pricing.

Mutual Mistake

A legal doctrine where both parties entering into a contract have an incorrect belief about an important fact, potentially rendering the contract voidable.

Unilateral Mistake

A legal concept wherein one party to a contract is mistaken about a fundamental fact or term of the agreement.

Subsurface Soil Condition

Refers to the properties and characteristics of the soil beneath the surface, important for construction and agricultural activities.