Question:
Let π₯ and π¦ be two consumption bundles, assumed to be non-negative and perfectly divisible. Further, the assumptions of completeness, transitivity, reflexivity, non-satiation, continuity, and strict convexity are satisfied. Then, which of the following statements is NOT CORRECT?
Let π₯ and π¦ be two consumption bundles, assumed to be non-negative and perfectly divisible. Further, the assumptions of completeness, transitivity, reflexivity, non-satiation, continuity, and strict convexity are satisfied. Then, which of the following statements is NOT CORRECT?
Updated On: Oct 1, 2024
- Either $π₯ β₯ π¦, or π¦ β₯ π₯$, or both
- $π¦ > π₯$ if π¦ contains more of at least one good and no less of any other
- π₯ is not indifferent to itself
- For π₯ (or π¦), its better set is strictly convex
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The Correct Option is C
Solution and Explanation
The correct answer is (C): π₯ is not indifferent to itself
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