List the three important properties about preferences. When are prefer

Question

List the three important properties about preferences. When are preferences said to be “wellbehaved”?

31 Jul 2024

Answer :

Word Count : 290

In microeconomics, preferences are fundamental in understanding consumer behavior. They are typically characterized by three important properties:

1. Completeness: Preferences are complete if, for any two bundles of goods \(A\) and \(B\), a consumer can always express a preference between them. This means the consumer can say whether they prefer \(A\) to \(B\), \(B\) to \(A\), or if they are indifferent between \(A\) and \(B\). Completeness ensures that the consumer's preferences are _______ _______ ____ _________ _____ ____ _________ ___ ___ ___.
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