It Follows from the Weak Axiom of Revealed Preference That

question 42

True/False

It follows from the weak axiom of revealed preference that if a consumer chooses x when he could afford y and chooses y when he could afford x, then his income must have changed between the two observations.

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Definitions:

Positive Nutritional Consequences

The beneficial effects on health and wellness that result from consuming a balanced and nutritious diet.

Bitter/Sour Taste

Sensory experiences elicited by certain chemicals that are interpreted by the taste buds as either bitter or sour.

Deprivation

A state where an individual or organism lacks a substance or stimulus that is considered necessary or desirable.

Medial Forebrain Bundle

A neural pathway in the brain that is involved with the sensation of reward as well as various aspects of motivation and emotion.