Author Question: In the utility maximizing model, consumer preferences are assumed to be transitive. What does this ... (Read 120 times)

tsand2 · **on:** Jun 29, 2018

In the utility maximizing model, consumer preferences are assumed to be transitive. What does this mean?

A) that consumers have the freedom to change their preferences from time to time
B) that consumers prefer more of a good to less
C) that consumers go through cycles in their consumption behavior
D) that consumers have preferences that are relatively consistent in the time period under consideration

Question 2

All of the following are ways by which existing firms can deter the entry of new firms into an industry except

A) continuously producing new and improved products.
B) advertising products aggressively.
C) threatening to raise prices.
D) earning less than maximum profit.

macagnavarro · **Reply #1 on:** Jun 29, 2018

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