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Assuming a perfectly competitive market implies that households do not need knowledge of qualities ...

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Assuming a perfectly competitive market implies that households do not need knowledge of qualities ...

Question 1.

Income increases cause no change in a household's choice set.

▸ true

▸ false

Question 2.

Assuming a perfectly competitive market implies that households do not need knowledge of qualities and prices of everything available in the market.

▸ true

▸ false

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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