Answer to Question #108501 in Microeconomics for hissa

Question #108501
True or False
1. Completeness is not a particularly strong requirement. It means that the function, U, is defined for every possible combination of the values b and c. so, for every bundle Z:(b, c), we are able to calculate U(b, c)
True
2. If the preference relation is monotonically decreasing and convex, then in a diagram, indifference curves are upward – sloping and concave and never cross. So that preferred sets are nested
1
Expert's answer
2020-04-09T08:31:47-0400
  1. True
  2. True

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