The Assumption of Completeness of Preferences States That _____

question 85

Multiple Choice

The assumption of completeness of preferences states that _____.

• A)a consumer can rank all possible consumption bundles
• B)consumers have consistent preferences
• C)more of a good is always better
• D)consumers are rational when making choices

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Definitions:

Instructor

A person who teaches or educates, often within a school or academic context.

Distance

A measure of the space between two points, often used in various scientific and mathematical contexts.

Pearson Correlation Coefficient

Statistic measuring the linear relationship between two variables measured at the interval and/or ratio level of measurement.

Value

The degree of importance, worth, or usefulness of something.