Which of the following statements captures the meaning of transitivity of preferences? a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
Which of the following statements captures the meaning of transitivity of preferences? a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following statements captures the meaning of transitivity of preferences?
a. If A is preferred to B, then B is less preferred than A.
b. If A is preferred to B, and B is preferred to C, then A is preferred to C.
c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference
for B over C.
d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
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