Consider a choice structure (X, B, C) where X is finite and B includes all two and three element subsets of X. Which of the following are true statements? Condition a and Condition 3 imply the WARP . 1. Condition a and Condition 3 are implied by the WARP. * Condition a implies Condition 3, provided C(B) has exactly one element for every BEB. A preference relation (complete, reflexive and transitive relation) ≥ that rationalizes the agent's choice may not exist even though the Weak Axiom is satisfied.

Consider a choice structure (X, B, C) where X is finite and B includes all two and three element subsets of X. Which of the following are true statements? Condition a and Condition 3 imply the WARP . 1. Condition a and Condition 3 are implied by the WARP. * Condition a implies Condition 3, provided C(B) has exactly one element for every BEB. A preference relation (complete, reflexive and transitive relation) ≥ that rationalizes the agent's choice may not exist even though the Weak Axiom is satisfied.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.11P

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