True/False
Two rationality assumptions economists make about tastes are first, that some individuals are not able to compare any two bundles of goods to one another, and second, that there is an internal consistency to tastes that makes it possible to choose a "best" bundle.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Complete tastes are tastes that make people
Q2: Explain the following statement: Individuals with different
Q3: When the price of beer goes up,
Q5: Explain the following statement: For the same
Q6: Suppose tastes are NOT monotonic anywhere.Then diminishing
Q7: Consider a worker who dislikes working end
Q8: You like bundle A better than bundle
Q9: Prove formally that the rationality axioms alone
Q10: The number of units of the good
Q11: If you observe me choosing bundle A