Axioms

Question 1

Completeness

Answer 1

A consumer can rank bundles (A preferred to B etc.)

Question 2

Transitivity

Answer 2

A consumer’s preferences are logically consistent (If A is preferred to B, and B is preferred to C, then A is preferred to C)

Question 3

Monotonicity

Answer 3

Monotonicity implies more is better

Question 4

Local Nonsatiation

Answer 4

A weaker monotonicity, it means you can always find a bundle y which is similar to x, but we still prefer it

Question 5

Convexity

Answer 5

People prefer variety