If the Only Information We Had About Goldie Were That

question 5

Multiple Choice

if the only information we had about Goldie were that she chooses the bundle (6, 6) when prices are (6, 7) and she chooses the bundle (10, 0) when prices are (1, 5) , then we could conclude that

• A)Goldie violates WARP.
• B)neither bundle is revealed preferred to the other.
• C)the bundle (6, 6)is revealed preferred to (10, 0)but there is no evidence that she violates WARP.
• D)the bundle (10, 0)is revealed preferred to (6, 6)and she violates WARP.
• E)the bundle (10, 0)is revealed preferred to (6, 6)but there is no evidence that she violates WARP.

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Definitions:

Modern Business Practice

Contemporary methods, strategies, and approaches adopted by businesses to operate efficiently and competitively.

Obligation

A legal or moral duty to do something or to refrain from doing something.

Agents

Individuals or entities authorized to act on behalf of another (the principal) in dealings with third parties, typically creating a legal or business relationship.

Sole Proprietorships

A simple business structure where a single individual owns and operates the business.