If Someone Has Strictly Convex Preferences Between All Contingent Commodity

question 8

True/False

If someone has strictly convex preferences between all contingent commodity bundles, then he or she must be risk averse.

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Definitions:

External Locus

Refers to an external locus of control, where individuals believe their success or failure is due to external factors beyond their control.

High Self-Esteem

A confident and positive perception of oneself, marked by self-respect and self-worth.

Individual Differences

Refers to the distinct variations among people in their abilities, personalities, learning styles, and other characteristics.

Social Support

The assistance and comfort received from friends, family, and others, which is considered an important factor in dealing with stress and adversity.