We Assume That the Representative Consumer's Preferences Exhibit the Properties

Multiple Choice

We assume that the representative consumer's preferences exhibit the properties that

A) they are convex and that more is always preferred to less.
B) more is always preferred to less and that each consumer has one strictly favorite good.
C) each consumer has one strictly preferred good and that consumption and leisure are both normal goods.
D) consumption and leisure are both normal goods and that the consumer likes diversity in his or her consumption bundle.