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ECO1018 Semester 1 > Consumer theory > Flashcards

Consumer theory Flashcards

1
Q

Preferences usually satisfy which 4 properties?

A

Completeness
More is better
Transitivity
Convexity

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2
Q

Completeness

A

Consumers can rank all possible combinations of bundles

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3
Q

Transitivity

A

if you prefer A over B and B over C you should also prefer A over C.
Prevents circular trades

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4
Q

Convexity

A

Consumers prefer variety over extremity

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ECO1018 Semester 1 (4 decks)

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