2. A consumer's preferences rank three good baskets (A, B and C) as follows: - A is at least as good as B. - B is at least as good as C. From these rankings, an economist concludes that basket A is at least as good as basket C. What does the economist assume about preferences? a) They are complete. c) They display local non-satiation (more-is-better). b) They are transitive. d) Marginal utility is decreasing.

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