Problem
1. We make four assumptions about preferences: completeness and rankability, "more is better," transitivity, and consumers want variety. Briefly describe each assumption.
2. What does the term "utility" mean? How does utility relate to a utility function?
3. Define "indifference curve." What does an indifference curve tell us about the consumer?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.