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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?
preferences are complete.
preferences are transitive.
consumers prefer more of a good to less.
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:
Alvin does not consider good X as "good."
Alvin will never purchase any of good Y.
Alvin regards good X and good Y as perfect substitutes.
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