Author Question: The theory of consumer behavior is based on certain assumptions. The set of four basic assumptions ... (Read 134 times)

jc611 · **on:** Jul 1, 2018

The theory of consumer behavior is based on certain assumptions. The set of four basic assumptions includes:

A) completeness.
B) transitivity.
C) intransitivity.
D) Both A and B are correct.
E) Both A and C are correct.

Question 2

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.