Author Question: The assumption of transitive preferences implies that indifference curves must: A) not cross one ... (Read 215 times)

kaid0807 · **on:** Jul 1, 2018

The assumption of transitive preferences implies that indifference curves must:

A) not cross one another.
B) have a positive slope.
C) be L-shaped.
D) be convex to the origin.
E) all of the above

Question 2

Please use the following statements to answer this question:

I. The process of testing and revising theories is central to the development of economics as a science.
II. Theory is imperfect and may not adequately describe economic behavior in some cases.
A) I and II are true.
B) I is true and II is false.
C) I is false and II is true.
D) I and II are false.