Multiple Choice
In a football tournament, if University of Florida beats Ohio State, and Ohio State beats Georgia Tech, it does not mean that Florida beats Georgia Tech.This scenario violates the rationality assumption on preference of the utility theory.Identify this assumption of preference.
A) Transitivity of preference
B) Convexity of preference
C) Completeness of preference
D) Monotonicity of preference
E) Circularity of preference
Correct Answer:

Verified
Correct Answer:
Verified
Q26: Information asymmetry problem related to hidden information
Q27: While utility theory deals with situations in
Q28: Identify the utility function of a
Q29: An individual whose preference is characterized by
Q30: The realm of academic study that deals
Q33: A kind of information asymmetry lies in
Q34: The principle-agent problem can be categorized as
Q35: Which of the following statements is true
Q36: Identify the utility that can represent the
Q48: Identify the utility function of a