basic assumptions about preference

Question 1

basic assumptions about preference (3)

Answer 1

completeness
transitivity
more is better than less

Question 2

completeness

Answer 2

consumers can compare and rank all possible baskets

(ignores costs)

Question 3

transitivity

Answer 3

consumers can buy or choose according to rank

Question 4

more is better than less

Answer 4

consumers always prefer more of a good rather than less

Question 5

indifference in eco

Answer 5

2 bundles that give the same level of satisfaction

Question 6

indifference curve

Answer 6

a curve representing all combinations of market baskets that provide a consumer with the same level of satisfaction