The assumption of completeness of preferences states that _____. a. more of a good is always better b. consumers have consistent preferences c. consumers are rational when making choices d. a consumer can rank all possible consumption bundles

The assumption of completeness of preferences states that _____. a. more of a good is always better b. consumers have consistent preferences c. consumers are rational when making choices d. a consumer can rank all possible consumption bundles

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The assumption of completeness of preferences states that _____.

a. more of a good is always better

b. consumers have consistent preferences

c. consumers are rational when making choices

d. a consumer can rank all possible consumption bundles

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How does a consumer decide what combination of products to buy using the marginal utility concept? Explain please sir explain step by step
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