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Define the completeness axiom

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2 problems about preferences.

1. Define the completeness axiom. Give a verbal explanation of a situation where the consumer's preferences are incomplete.

2. Jackson has rational and well-behaved preferences. Suppose (2, 6) ~ (6, 2). What can you tell me about Jackson's preference between bundles (1, 5) and (5, 4)?

Reference no: EM131376199

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