Lahore School of Economics



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Quiz 2- Version1 (1)

BSc II – Section B Microeconomics Winter 2009 Quiz 2 (A)

Lahore School of Economics

Microeconomics I

Winter Term 2009

Quiz 2: BSc. 2, Section B

Which of the following is NOT an assumption regarding people's preferences in the theory of consumer behavior?



  1. preferences are complete.

  2. preferences are transitive.

  3. consumers prefer more of a good to less.

  4. none of the above.

Alvin's preferences for good X and good Y are shown in the diagram below.

Figure 3.1

Based on Figure 3.1, it can be inferred that:


  1. Alvin does not consider good X as "good."

  2. Alvin will never purchase any of good Y.

  3. Alvin regards good X and good Y as perfect substitutes.


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