If Preferences Exhibit the Property of Transitivity, Then

question 399

Multiple Choice

If preferences exhibit the property of transitivity, then

• A)the preferences are irrational.
• B)individuals prefer more government involvement in private markets than do people whose preferences are not transitive.
• C)preferences change over time more quickly than when preferences are not transitive.
• D)preferences satisfy one of the properties assumed to be desirable by Kenneth Arrow in Social Choice and Individual Values.

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Definitions:

Market Share

The segment of a market dominated by a specific company or product.

Goods

Tangible products that are produced, bought, or sold to satisfy the needs or desires of consumers.

Concept Testing

The process of evaluating consumer response to an idea before introducing a product or service to the market, to ascertain its potential success.

Visual Models

Diagrams or representations used to illustrate complex information or processes, facilitating easier understanding and analysis.