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Harry tells you that he prefers Pepsi to Coke, Coke to 7-UP, and 7-UP to Pepsi. This violates what ...

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Harry tells you that he prefers Pepsi to Coke, Coke to 7-UP, and 7-UP to Pepsi. This violates what ...

Question 1.

In the labor market, the income and substitution effects work in the same direction.

▸ true

▸ false

Question 2.

Harry tells you that he prefers Pepsi to Coke, Coke to 7-UP, and 7-UP to Pepsi. This violates what assumption made when analyzing consumer preferences?

▸ that more is better

▸ that there is a diminishing marginal rate of substitution

▸ that consumers are rational

▸ that consumers are able to choose among all the combinations of goods and services available

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 141 times

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