If a Consumer Maximizes a Utility Function Subject to a Budget

question 7

True/False

If a consumer maximizes a utility function subject to a budget constraint and has strictly convex preferences, then his behavior will necessarily satisfy the weak axiom of revealed preference and the strong axiom of revealed preference.

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Definitions:

Unconditioned Stimulus

Within classical conditioning, a stimulus that inherently and automatically elicits a response without any previous training.

Unconditioned Response

An automatic, natural reaction to a stimulus that occurs without any previous conditioning or learning.

Ivan Pavlov

A Russian physiologist best known for his work in classical conditioning, particularly his experiments with dogs that led to the discovery of the conditioned reflex.

B.F. Skinner

B.F. Skinner was an American psychologist and behaviorist known for his work in developing the theory of operant conditioning, emphasizing the effects of reinforcement and punishment on behavior.