Which of the following is NOT an assumption regarding people's preferences in the theory of consumer behavior?
A) Preferences are complete.
B) Preferences are transitive.
C) Consumers prefer more of a good to less.
D) All of the above are basic assumptions about consumer preferences.
D
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A minimum wage set above the equilibrium wage rate is a price ________ that ________ the quantity of low-skilled labor demanded
A) ceiling; decreases B) ceiling; increases C) floor; decreases D) floor; increases
Describe how the level of U.S. military expenditures has varied as a percentage of GDP since 1945 . Provide a brief discussion of what caused the level of military expenditures to vary over the years
What will be an ideal response?
In drawing a budget line it is assumed that:
A) consumer preferences are fixed. B) the prices of the two products are variable. C) money income is fixed. D) consumer willingness to substitute between the two products is fixed.
What is the mechanism at work that causes the increase in a country's government spending to have an impact on foreign countries' production and income?
What will be an ideal response?