Consider two goods that are perfect complements. For instance, car frames and tires. An individual likes owning cars, the more the better. In order to own a car, an individual must have a 1:4 ratio of frames to tires. Any spare frames or tires that are outside this ratio do not benefit the individual in any way. The individual is comparing bundles that contain both car frames and tires. Thus, we are comparing 2-good bundles. For instance (2.5 frames, 2 tires). How many of the following properties do the individual's preferences necessarily display? Please note that fractional cars can exist (for instance, 1.5 frames and 6 tires is equivalent to 1.5 cars).
· Monotonicity
· Local-nonsatiation
· Transitivity
· Completeness
· Symmetry