Reliablity with standard economic suppositions

Which of the given behaviors is least reliable with standard economic suppositions regarding consumer behavior? (i) Gustav cannot decide which of three distinct combinations of goods he favors. (ii) Lynn hates pickled herring; however Chris is willing to eat it at each and every meal. (iii) Skipper favors steak to Alpo, and Alpo to tuna fish. (iv) Beyond certain point, Brenda is eager to forgo more ice cream that she insatiably loves, to evade eating more asparagus that she actually liked if the serving of asparagus her parents put on her plate was smaller. (v) Jimmy is too afraid of flying that he willingly takes up a vacation to Disney World to shun getting on a plane.

Can someone help me in getting through this problem.

View Complete Question

Related Questions in Microeconomics

Q : Domestic production possibilities curve

Refer to the following domestic production possibilities curve for Karalex. The gain to Karalex from specialization and international trade is represented by a move from: 1) A to B. 2) C to A. 3) C to D. 4) B to E.

Q : Problem on positive quantity Supply The

The law of supply defines that, other things equivalent: (1) Quantity supplied differs inversely with price. (2) A good’s supply is positively associated to its demand. (3) Quantity supplied is positively associated to price. (4) Prices and cost

Q : Market power and market inefficiency

This is socially undesirable for a monopolist to produce where the price exceeds to marginal social cost [P > MSC] since: (w) resources are allocated inefficiently since too small is produced. (x) too many resources are used and production is exces

Q : Monopsonist in the labor market I have

I have a problem in economics on Monopsonist in the labor market. Please help me in the following question. The monopsonist in labor market faces the: (1) Market demand for the labor. (2) Household’s demand for the labor. (3) Household’s s

Q : For luxury items absolute value of

The absolute value of price elasticity of demand tends to be lower when: (w) the greater the number of substitutes available. (x) the more important the product is in classical budgets. (y) for necessities than for luxury items. (z) when more time is

Q : Lowering prices raises total revenue

Lowering prices will raise total revenue from DVD game sales at all prices as: (w) on this demand curve. (x) below $25. (y) above $25. (z) below $30.

Q : Competitive advertising as waste of

Economists have conventionally concluded which, from the vantage point of society as an entire, competitive advertising in that case: (1) enables consumers to make more efficient economic choices. (2) is a waste of resources. (3) cons

Q : Demand curves relatively more elastic

Scrutiny of demand curves DD and D0D0 reveals such that: (1) D0D0 is relatively more elastic at a price of P1. (2) DD is relatively more elastic at a price of P2. (3) D0D0 probably reflects the demand f

Q : Determine Gini index in Loren curve

Since lifetime earning patterns differ, in that case the Gini index will: (1) continue to rise over time. (2) never reach zero or perfect equality. (3) remain constant. (4) surpass 100 in the near future. (5) be lower for developing countries than for

Q : Effects of average production costs on

The economies of scale exist whenever average production costs: (1) Increase as the level of output increases. (2) Drop as the level of output increases. (3) Stay similar as the level of output increases. (4) Drop as the level of output drops.

Discover Q & A

Leading Solution Library

Avail More Than 1439218 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1942838
Asked

3,689

Active Tutors

1439218

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment