Author Question: Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate? ... (Read 51 times)

bobbie · **on:** Jul 1, 2018

Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?

A) Diminishing marginal rates of substitution
B) Transitivity of preferences
C) More is preferred to less
D) Completeness

Question 2

Although the U. S. airline industry has only a relatively small number of sellers, the market is nevertheless highly competitive. The reason is that:

A) the number of buyers is very large.
B) due to fierce competition, no firm has significant control over prices.
C) due to fierce competition, no firm has significant control over the quantity supplied.
D) most airline routes are served by relatively many sellers.